what is journal entry for the credit sales and purchases

Answer Posted / mohd asif

purchase a/c dr
sundry creditors a/c cr
sundry debtors a/c dr
sales cr

Is This Answer Correct ?    5 Yes 2 No



Post New Answer       View All Answers


Please Help Members By Posting Answers For Below Questions

Explain have you ever prepared mis reports and what are these?

629


6. What is the amount of Simple Interest on $ 1,500 for 90 days at 6% interest (year is 360 days)?

1562


what is your opinion regarding T.V shows on youth

2168


Tell me what does the standard journal entry includes?

3589


explain circumstances under which dissolution of solvent and insolvent partners are applicable using garners v/s murray rule

1802






What is a comprehensive income?

646


1.A Company with a net income of $ 7,650 in a year and has 3,000 outstanding shares. Calculate the Earning per Share (EPS).

1646


Real,Nominal or Personal. Where do reserves, general reserve and Specific Reserve Go? and why?

980


what is retention? how caculate on asset

1763


Define the term material facts in accounting?

777


Give Any three special cases of computation of capital Gain U/s 45(1A) to 45(6)?

1858


What is the procedure of submit bank guarantees and cancellation.

2055


export sales contract and domestic sales contract? india's trade in commercial services?

4191


what is the minimum & maximum amount paid by company per day

1683


What qualification do you need to become an accounting professional?

633