any business person sales of goods and services transactions different types mentioned below
1. cash sales of goods /services to customers for cash mode.
2. cash sales of goods/services to customers for sweiping machine mode amount received
3. cash sales of goods/services to customers for Google pay and phone pay and paytam etc mode amount received.
question:
above mentioned different transactions accounting entry passed procedure in books.
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Accounting entry different sales transactions
Replies (1)
| Here are standard accounting entries for the most common sales transaction types: 1. Cash Sales: Dr. Cash/Bank A/c Cr. Sales A/c Cr. GST Output (CGST/SGST or IGST) 2. Credit Sales (B2B): Dr. Debtor/Customer A/c Cr. Sales A/c Cr. GST Output A/c (When payment received: Dr. Bank, Cr. Debtor) 3. Sales Return (Credit Note): Dr. Sales Return A/c (or debit Sales A/c) Dr. GST Output A/c (reversal) Cr. Debtor A/c 4. Advance Received Against Sales: Dr. Bank A/c Cr. Advance from Customer A/c Cr. GST Output on Advance (if applicable under GST) (On actual delivery: Dr. Advance from Customer, Dr. Debtor balance, Cr. Sales, Cr. GST Output full) 5. Sales with Discount: Dr. Debtor A/c (net of discount or gross as per terms) Dr. Discount Allowed A/c (if trade discount is shown separately) Cr. Sales A/c (net or gross depending on policy) Cr. GST Output (on taxable value after permissible discounts under Section 15 CGST Act) 6. Export Sales: Dr. Debtor (Foreign Currency) A/c Cr. Export Sales A/c (GST: Zero-rated supply — either export under LUT with no GST, or export with IGST and claim refund) If you have a specific transaction type in mind, share more details for a more precise entry. |
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