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what is exact entry for cash receipts and cash payments?
did sales n purchases invoices are issued to this receipts
n payments?
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Answer / prakash v kanade
Cash account is debited when cash is received and the
credited when paid with corresponding person's account
credited or debited respectively. This is on the
assumption that sale or purchase invoice is generated and
accounted on a previous date.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / ravi
purchase a/c ...........dr
to cash a/c.........cr
(it is cash payment)
cash a/c............dr
to sales a/c.....cr
(it is cash receipt)
ravi
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / satyaki_raju@yahoo.com
cash is an asset and its natural position is always Debit
From whatever source you receive cash you debit it.While
utilising the cash you have to reverse the natural
position i.e you credit it. By making a credit the value of
the cash will come down
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / musthafa kotopadan
When receipt cash From debtors
-------------------
Cash A/C DR
Accounts Receivable A/R CR
(cash receipt#256. on invs#.1254)
When Pay cash to creditors
---------------------------
Accounts Payable A/C DR
CASH A/C C/R
(cash Paid#5261. on invs#.4568)
If cash purchase or sale (receipt and payment)
------------------------
Cash a/c dr
Cash sale a/c cr
and
Purchase on cash a/c dr
Cash a/c cr
| Is This Answer Correct ? | 1 Yes | 0 No |
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