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Where do you post Credit Sales in Trading or P& L Account,
or should we deduct from the actual sales and put the net
figures in the column. Clarify
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Answer Posted / h.r. sreepada bhagi
Both Cash & Credit Sales will appear on the Credit Side or
under Income in Profit & Loss Account. If there's sales
returns, the same should be deducted from sales to show net
sales during the reporting period.
In case of Credit Sales, the amount receivable from the
customers will be shown under Assets Side of the Balance
Sheet at the end of the reporting period grouped under
'Accounts Receivable' or 'Sundry Debtors'
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pass the journal as wellas ledger entries off the foll 1st jan :> started businress with cash rs 1,20,000 & goods worth rs 60,000. 2nd jan > cash purchases rs 50,000. 4th jan >cash sales rs 40,000. 6th jan > purchase good's from sonali on credit worth rs 30,000 at 10 % trade discount. 8th jan> sold sood's to komal on credit rs 20,000 at 10% trade discount. 10th jan > paid rent by a cheque rs 50,000. 12th jan > good's worth rs 4,000 lossed by fire. 14th jan > good's worth rs 3,000 withdrawn from business for personal use. 16th jan > good's worth rs 2,000 distributed as free samples. 18th jan > good's worth rs 1,000 exchange for furniture.
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