what is exact entry for cash receipts and cash payments? did sales n purchases

what is exact entry for cash receipts and cash payments?
did sales n purchases invoices are issued to this receipts
n payments?

Question Posted / srinivas

4 Answers
7233 Views
BoA, I also Faced
E-Mail Answers

Answers were Sorted based on User's Feedback

what is exact entry for cash receipts and cash payments? did sales n purchases invoices are issued..

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

what is exact entry for cash receipts and cash payments? did sales n purchases invoices are issued..

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

what is exact entry for cash receipts and cash payments? did sales n purchases invoices are issued..

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

what is exact entry for cash receipts and cash payments? did sales n purchases invoices are issued..

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