16 March 2021
A gst registered cloth business retail dealer sales transactions two modes for one day Sales transaction cash mode to customers:Dt:15-3-21 1.sales to customer rs:2000/- 2.sales to customer Rs:1000/- 3. Sales to customer rs:800/- Total rs:3800/-
Sales transaction oneline mode (Google pay and phone pay etc) Dt:15-03-21. Sales to customer rs:900/- Sales to customer rs:700/- Sales to customer rs:1500/- Total rs:3100/- Question: Dealer how to accounting entries passed in books .(total cash sales and total oneline sales two entries passed)
11 July 2024
To account for the sales transactions made by the cloth business dealer in both cash mode and online mode, here are the accounting entries you would typically pass:
### 1. Cash Sales Entries: Assuming the cloth business dealer is using the accrual basis of accounting:
Similarly, for online sales, you would debit the Cash or Bank account where online payments are received and credit the Sales account.
```plaintext Date: 15-03-21
Cash/Bank A/c Dr. 3,100 To Sales A/c 3,100 ```
### Explanation: - **Cash/Bank A/c (Debit):** Represents the increase in cash or bank balance due to sales. - **Sales A/c (Credit):** Represents the revenue generated from sales.
These entries capture the revenue earned from both cash sales and online sales for the day. Ensure to maintain proper documentation of each transaction, including sales invoices or receipts issued to customers, as these are essential for compliance and audit purposes.
Adjustments for GST: - If GST is applicable on the sales, you would need to account for GST separately and remit it to the government as per GST regulations.
Always consult with a professional accountant or tax advisor for specific advice tailored to your business and compliance requirements.
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