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21 Points Posted on 18 January 2021
what is entry of cash scrab sales.
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On 18 January 2021 at 00:14 Report
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This discussion clarifies the accounting entry for cash scrap sales. It explains that the basic entry is to debit the Cash Account and credit the Scrap Sales Account. If Tax Collected at Source (TCS) is applicable, the entry is adjusted to include the TCS amount collected.

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online

Chartered Accountant
44442 Points Posted on 18 January 2021
Cash A/c Dr.
To Scrap Sales
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On 18 January 2021 at 01:04
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40 Points Posted on 18 January 2021
Hii Lakhan Sir.

The entries would be.

1. If TCS provisions not applicable:-

Cash dr.
to Scrap Sales.

2. If TCS applicable:-

Cash dr.( Sale value + TCS)
to scrap sales(Sale value)
to TCS(TCS collected on sale value).
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On 18 January 2021 at 08:09
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Chartered Accountant
16188 Points Posted on 18 January 2021
Cash a/c dr
to scrap sales
Reply
On 18 January 2021 at 10:02

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