Sales Reciept Entries Practice Assignment

  Cash Sales

Cash Sales from shop  Item A 1000 kg*15=15000

Credit Sales

Sales made to AC Oberoi and Co 30000 Kg Item A @10 each on 1 August.

Amount received from AC Oberoi Rs 285000 by cheque on 15 August and balance by cash on 18 September

-a- 

1 august.   AC Oberoi A/c Dr   300000 (30000*10)

                        To Sales  A/C          300000

15 August     Bank A/c Dr     285000

                          To AC Oberoi A/c    285000

18 September  Cash A/c Dr     15000

                               To Ac Oberoi A/c   15000

                      ( Balance Amount   300000-285000)

Sales +Direct Income

 Bill To :Ajit Traders  

Item A 15000 Kg @ 20/kg 300000

Item B 5000 Kg @ 40/kg   200000

Total                               500000

+

Transportation Charges     20000

Total                               520000

-a- 

               Ajit   A/c Dr    520000

                      To Sales                         500000

                       To Freight Income            20000

Cheque received from Ajit traders for 80% payment.

Balance amount not yet received.

              Bank  A/c Dr          416000 (520000*80%)

                    To Ajit                     416000

No entry for balance amount as it has not been received yet. 

Some amount in advance

The company entered into agreement to sell 2000 kg Item B @ 50/Kg to Khan Traders on 17 September.

 It received 10% payment in advance on 18 September. Sales Bill was issued on 19 September and balance was received on 20 September

-a- 

17 September     No entry for entering into contract

18 September      Cash A/c Dr     100000  (2000*50*10%)

                                    To Khan Traders          100000

19 September       Khan Traders A/c Dr     1000000

                                     To Sales  A/c                 1000000

20 September          Cash  A/c Dr         900000  (1000000-100000)

                                      To Khan Traders     900000