Entry of credit sales
This query is : Resolved
ajit tiwary
(Querist)
30 May 2012
we maintain the sales day book and all transaction includes here.i passed the credit sale entry as follow :-
1) cash a/c ... Dr. 100000
to sales a/c 100000
(this entry show all cash and credit transaction, in which credit transaction includes of Rs. 25000.)
2) debtor a/c ... Dr. 25000
to cash a/c 25000
3) cash a/c ... dr. 25000
to debtor a/c 25000
i want to know is these entry is right or wrong and if it is right, is it s per AS-9(revenue recognition)
i need your suggestion as soon as possible.
1) cash a/c ... Dr. 100000
to sales a/c 100000
(this entry show all cash and credit transaction, in which credit transaction includes of Rs. 25000.)
2) debtor a/c ... Dr. 25000
to cash a/c 25000
3) cash a/c ... dr. 25000
to debtor a/c 25000
i want to know is these entry is right or wrong and if it is right, is it s per AS-9(revenue recognition)
i need your suggestion as soon as possible.
30 May 2012
The above entry is wrong....Correct Entry:
Cash A/c Dr 75,000/-
Debtor A/c Dr 25,000/-
To Sales A/c 100,000/-
The cash a/c will be debited only upon the receipt of cash
Cash A/c Dr 75,000/-
Debtor A/c Dr 25,000/-
To Sales A/c 100,000/-
The cash a/c will be debited only upon the receipt of cash
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst credit note by supplier
- Reward for festival
- 18% Rent a cab
- Movement of goods by packers and movers - type of sale - Reg.
- Missed uploading GST Invoice
- Appointment of Auditor By Form ADT-1
- Closer of business and itc of capital goods
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Accounting Treatment of Civil work to install PORTA Cabin for office use
- ARCA LOGIN
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
