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Journal entry for card and online transaction

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Consider the following Total Sales : 4000.00 Cash Discount : 500.00 Net Sales : 3500.00 TAX : 125.00 Other Expense : 100.00 Net amt : 3725.00 What will be journal entries for Cash, Card, and Online transaction
Replies (3)

In case of cash transactions

Cash A/c   Dr. 3725

Discount A/c. Dr. 500

          To Sales A/c 4000

          To Tax payable 125

           To other expense. 100

 

In case of card and online transaction, Cash A/c is replaced by Bank A/c and rest everything remains same.

Hi,

Thanks for your reply!!

What about if the transaction is credit. Say party named Raj & Co.

Thanks in adnvance

 

Instead of cash A/c , Raj and co. A/c will be there and rest everything remains same


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