what is the journal entry for credit sale and credit
purchase?
- 24 Answers
- 289821 Views
- Accenture, Cap Gemini, Consero Global, Fauji Fertilizer, Genpact, HP, IBM, Insurance, OPG, Vibro, Xerox, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / manikandan
Credit sale.
Party(sundrey debtors)a/c Dr
To Sales
Credit purchASE.
Purchases a/c Dr
To Party(sundry creditor)
| Is This Answer Correct ? | 1066 Yes | 78 No |
Answer / surender singh parcha
Credit sale.
Party(sundry debtors)a/c Dr
To Sales
Credit purchase.
Purchases a/c Dr
To Party(sundry creditor)
| Is This Answer Correct ? | 323 Yes | 40 No |
Answer / guruprasad
1. Credit Sale:-
Party (Sundry Creditor) A/c Dr.
To Sales A/c
(Being Credit Sale made)
2. Credit Purchase:-
Purchase A/c Dr.
To Party (Sundry Debtors) A/c
(Being purchase made for Credit Basis)
| Is This Answer Correct ? | 571 Yes | 365 No |
Answer / burada venkata ramana
Credit sales entry
Sundry Debtors a/c Dr
To sales a/c
(Being the credit sales of ------)
Credit Purchase entry
Purchase A/c Dr
To Sundry Creditor A/c (supplier)
(being the credit purchase of -------- from -----)
| Is This Answer Correct ? | 161 Yes | 14 No |
Answer / mskk
Sundry Debtors A/c Dr
To Sales
2. Purchase A/c Dr
To S. Creditors
| Is This Answer Correct ? | 120 Yes | 20 No |
Answer / kasi reddy - madhire
Credit Sales:
Customer or Debtor a/c DR
To Sales a/c
(Being credit sales made)
Credit purchases:
Purchases a/c DR
To Vendor or Creditors a/c
(Being credit purchases made).
| Is This Answer Correct ? | 84 Yes | 17 No |
Answer / s.arunalagarsamy
1.credit purchase
purchase A/c Dr xxxx
To Account payable A/c(supplier) xxxx
(being credit purchase is made)
2.credit sales
Accounts Receivable A/c(Buyer) Dr xxxx
To sales A/c xxxx
(being credit purchase is made)
| Is This Answer Correct ? | 62 Yes | 16 No |
Answer / anupam kumar
Sundry Debtors A/C Dr xxx
or
Party name A/C Dr
To Sales A/C Cr xxx
purchase A/C Dr xxx
To Sundry Creditors A/C Cr
or
Party name A/C Cr xxx
| Is This Answer Correct ? | 50 Yes | 10 No |
Answer / mohammed farooque
Credit sale entries
Party A/c Dr xxxx
Sales A/c Cr xxxx
Cash A/c Dr xxxx
Party A/c Cr xxxx
Credit Purchase entries
Purchase A/c Dr xxxx
Party A/c Cr xxxx
Party A/c Dr xxxx
Cash A/c Cr xxxx
| Is This Answer Correct ? | 36 Yes | 8 No |
Answer / dip
Credit sale
Sundry Debtor...Dr
To Sales
Cr Sales a/c ...Dr
To trading P/L a/c
Credit Purchase
Cr Purchase...Dr
To Sundry Creditors
Trading P/L....Dr
To Cr Purchase
Entries will be different for Cash Sales and Purchase.
| Is This Answer Correct ? | 33 Yes | 19 No |
what is span of shares
what is repo and revers repo ?why they need to use in stock market ?
what about your self
8 Answers Capital IQ, FactSet Systems,
What are the responsibilities of corporate finance officer ?
DHPL is a small sized firm manufacturing hand tools. It manufacturing plan is situated in Haryana. The company’s sales in the year ending on 31st March 2007 were Rs.1000 million (Rs.100 crore) on an asset base of Rs.650 million. The net profit of the company was Rs.76 million. The management of the company wants to improve profitability further. The required rate of return of the company is 14 percent. The company is currently considering an investment proposal. One is to expand its manufacturing capacity. The estimated cost of the new equipment is Rs.250 million. It is expected to have an economic life of 10 years. The accountant forecasts that net cash inflows would be Rs.45 million per annum for the first three years, Rs.68 million per annum from year four to year eight and for the remaining two years Rs.30million per annum. The plant can be sold for Rs.55 million at the end of its economic life. The company would need to raise debt to the extent of Rs.200 million. The company has the following options of borrowing Rs.200 million: a. The company can borrow funds from a nationalized bank at the interest rate of 14 percent for 10 years. It will be required to pay equal annual installment of interest and repayment of principal. b. A financial institution has offered to lend money to DHPL at 13.5 per annum but it needs to pay equated quarterly installment of interest and repayment of principal. Questions: 1. Should the company expand its capacity? Show the computation of NPV 2. What is the annual installment of bank loan? 3. Calculate the quarterly installments of the Financial Institution loan 4. Should the company borrow from the bank or from the financial institution?
HOW TO MAINTAIN BANK A/C
what is the meaning of input vat & out put vat?
differnce between the 4.7 & 6.0 versions?
what are the seven accounting rules
---------is the main or principle book of accounts
why opening stock posted in the credit side
a) what are the rate of employees & company's contribution for PF & ESIC? b) what is the ceiling in case of ESI deductions? c) what are the due dates for paying ESI/PF
Audit 
