what is exact entry for cash receipts and cash payments?
did sales n purchases invoices are issued to this receipts
n payments?
- 4 Answers
- 6629 Views
- BoA, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / prakash v kanade
Cash account is debited when cash is received and the
credited when paid with corresponding person's account
credited or debited respectively. This is on the
assumption that sale or purchase invoice is generated and
accounted on a previous date.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / ravi
purchase a/c ...........dr
to cash a/c.........cr
(it is cash payment)
cash a/c............dr
to sales a/c.....cr
(it is cash receipt)
ravi
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / satyaki_raju@yahoo.com
cash is an asset and its natural position is always Debit
From whatever source you receive cash you debit it.While
utilising the cash you have to reverse the natural
position i.e you credit it. By making a credit the value of
the cash will come down
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / musthafa kotopadan
When receipt cash From debtors
-------------------
Cash A/C DR
Accounts Receivable A/R CR
(cash receipt#256. on invs#.1254)
When Pay cash to creditors
---------------------------
Accounts Payable A/C DR
CASH A/C C/R
(cash Paid#5261. on invs#.4568)
If cash purchase or sale (receipt and payment)
------------------------
Cash a/c dr
Cash sale a/c cr
and
Purchase on cash a/c dr
Cash a/c cr
| Is This Answer Correct ? | 1 Yes | 0 No |
Revenue from sale of products is generally realized in the period in which 1.Cash is collected 2.When sale is made
What is promoters?
what types of essays are giving in bank of america. can any one tell the opics? LAVANYA
Expand D C T O
fill in the Blanks Working capital=____________________________
what is the diff between reversal and cancellation entries?
I want to know with example of vat & Salestax
what is reconciliation ?
what is debenture ?
2 Answers Capital IQ, Genpact,
when will be prepared the company accounts
Expand A V C
Supposed we raised the Bill to the party last year. Next year party refused to pay the bill. Now I want write off the ledger of that party. How i make journal entry?
Audit 
