We have an boat manufacturing company .we customer order one boat the cost is 1130 .we have received advance 500 balance he will give after giving boat can you give me journal entry
cash A/c Dr 500
customer A/c Dr 630
To Sales 1130
is this entry is correct ?if not please give me exact entry
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Answer Posted / nischit sanghavi
Party has made advance payment and rest of the payment he will made after getting delivery of good. Therefore, entry is required to be passed for Rs. 500 only.
Cash A/c Dr. Rs.500
To Parties A/c Cr. Rs.500
By passing this entry u have created Creditor which will be set off when u deliver the goods and at that time he will pay rest of the payment. At that time following entry will be required to pass
Cash A/c Dr. Rs.630 (i.e. Balance)
Parties A/c Dr. Rs.500
To Sales Rs. 1130
Parties a/c get closed
Sales A/c Rs.1130
U have received in cash Rs.1130
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