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Regarding sales of wine
Sir I was the wine. contractor and holding an cash credit account,but my one of the salesman was also an cash credit account in his name.Sir some of the month the said salesman deposit the cash of my shops in his cash credit account and tfd towards the purchases of wine for my shop and some of the amt tfd to the daily License fee on my account. Sir please guide me how to make the said enteries in my account books.Thanks
Replies (2)
Many liquor stores operate on an accrual accounting basis, which means that expenses and revenues are accounted for at the time of an actual transaction. For inventory, this method of calculating profits and losses means that the cost of the inventory item sold is deducted at the moment a transaction occurs. “Really, that makes sense if you think about it,
Sir my query is that can my salesman deposit my sale in his bank account for the purpose of deposit the license fee and make the purchase on my behalf
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