sathis (accounts executive) (311 Points)
15 September 2009Dear All,
Please tell me what are entry should pass the following transaction
1. What is JV should pass for sales order taken for Rs.400/.
2. What is JV Should pass for amount received for Sales order Rs.400/.
3. What are the characters of personal accounts?
Advance Thanx & Regards
Sathis
V P Narasimhan
(Accounts Manager)
(791 Points)
Replied 18 September 2009
Dear Friend
Passing of an entry will take place only if the materials are shiped out to your customer.\ thro' sales invoice which will inturn has to reflect in Sales Ledger.
Customer Account Dr. (viz., xyz)
Sales a/c Cr.
On realisation of money
Bank/Cash a/c Dr
Customer (xyz) Cr.
Even in Sales entry also you have to aportion segment wise viz., product value,taxes(if any),Freight then only U can able to analyse the total quantum of Sales at the end of the year
CA. SUDHARSAN K G
(Chartered Accountant)
(472 Points)
Replied 19 September 2009
Dear Buddy,
1) Financial Accounting is generally historical in nature. Hence, you will book an entry when it take place or on due. Here, the commitment or action is only on completion of the sale. Therefore no entry to be passed for your I Queation.
2) II Qustion
a) If you receive the money before the sale - Bank A/c Dr, To Party A/c
b) On completion of Sale Party A/c Dr., To Sales A/c
3)III Question
Personsal Accounts & Real Accounts are normally Balance Sheet Items. it is simple an account which denotes a person is Personal A/c. It may be the natural person or artificial person.
If a person receives the benefit Debit him.
If he gives the benefit then Credit him.
Fazeera Latiff
(2 Points)
Replied 14 October 2022
Hi!. I'm from Sri Lanka, I sell desserts to shops on Consignment basis as well as Online. The Accounting transactions for both vary.
For Online sales, I keep track of the Orders, So my JV entries are as follows:
Customer Dr
Sales Order Cr.
(this enables me to keep a track of Orders pending and executed) For Cancellation, the reverse entries are done.
When the Order is implemented:
Sales Order Dr
Sales/ Income -Cr
and when payment is received:
Cash / Bank Dr
Customer Cr.
If a Promotion was applied and a customer is given a certain discount, then:
Cash/Bank Dr (minus the discount)
Discount Allowed Dr. (the Discount amount)
Customer Cr (full Sales Value)
Yasaswi Gomes new
(Finance )
(4524 Points)
Replied 14 October 2022
Search for accounts payables and receivables interview questions, you'll see an entry for requisition as well. That's odd but complete receivables and payments standard process in ERP book keeping.
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