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Why credit sales is recorded
why credit sales is record on the date of sales, not on the day of cash/payment received for sales
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Quick Summary
Accruals. This why revenue can be recognised firat
Accrual basis of accounting system are considering in companies a scientific proper method to record.
Revenue Recognition on the Basis of Accrual System of Accounting
Sales books always running in sequence like invoice number, date etc. but payment is not sure. suppose you make an invoice on dated 31-12-2020 and payment not received till 31-12-2021.Then how would you record your sale.
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