Sales transaction entry procedure

This query is : Resolved

Kollipara Sundaraiah (Querist)
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16 March 2021 A gst registered cloth business retail dealer sales transactions two modes for one day
Sales transaction cash mode to customers:Dt:15-3-21
1.sales to customer rs:2000/-
2.sales to customer Rs:1000/-
3. Sales to customer rs:800/-
Total rs:3800/-

Sales transaction oneline mode (Google pay and phone pay etc) Dt:15-03-21.
Sales to customer rs:900/-
Sales to customer rs:700/-
Sales to customer rs:1500/-
Total rs:3100/-
Question:
Dealer how to accounting entries passed in books .(total cash sales and total oneline sales two entries passed)

Aashok Kumar Sharma

Aashok Kumar Sharma

(Expert)
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11 July 2024 To account for the sales transactions made by the cloth business dealer in both cash mode and online mode, here are the accounting entries you would typically pass:

### 1. Cash Sales Entries:
Assuming the cloth business dealer is using the accrual basis of accounting:

- **For Cash Sales:**
- Date: 15-03-21
- Total Cash Sales Amount: Rs. 3,800/-

You would debit the Cash or Bank account (depending on where you deposit your cash sales) and credit the Sales account.

```plaintext
Date: 15-03-21

Cash/Bank A/c Dr. 3,800
To Sales A/c 3,800
```

### 2. Online Sales Entries:
- **For Online Sales:**
- Date: 15-03-21
- Total Online Sales Amount: Rs. 3,100/-

Similarly, for online sales, you would debit the Cash or Bank account where online payments are received and credit the Sales account.

```plaintext
Date: 15-03-21

Cash/Bank A/c Dr. 3,100
To Sales A/c 3,100
```

### Explanation:
- **Cash/Bank A/c (Debit):** Represents the increase in cash or bank balance due to sales.
- **Sales A/c (Credit):** Represents the revenue generated from sales.

These entries capture the revenue earned from both cash sales and online sales for the day. Ensure to maintain proper documentation of each transaction, including sales invoices or receipts issued to customers, as these are essential for compliance and audit purposes.

Adjustments for GST:
- If GST is applicable on the sales, you would need to account for GST separately and remit it to the government as per GST regulations.

Always consult with a professional accountant or tax advisor for specific advice tailored to your business and compliance requirements.

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