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Where do you post Credit Sales in Trading or P& L Account,
or should we deduct from the actual sales and put the net
figures in the column. Clarify
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Answer / hrishikesh
All the sales should be shown in Trading account only but
need to classify into cash sales and credit sales.we can
not deduct the actul sals from credit sales.
| Is This Answer Correct ? | 38 Yes | 1 No |
Answer / anudeep
we have to disclose both cash and credit sales in trading
account sales returns will be deducted from sales in trading
account
| Is This Answer Correct ? | 10 Yes | 0 No |
Answer / toms thankachan
all the sales should be shown in Credit side of the Trading
account.
All the sales invoices have to be entered as sales and on
payment reciepts we can use the cash voucher to record the
cash receipts & others will remain as outstanding.
This case is generally applicable in case of B2B.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / h.r. sreepada bhagi
Both Cash & Credit Sales will appear on the Credit Side or
under Income in Profit & Loss Account. If there's sales
returns, the same should be deducted from sales to show net
sales during the reporting period.
In case of Credit Sales, the amount receivable from the
customers will be shown under Assets Side of the Balance
Sheet at the end of the reporting period grouped under
'Accounts Receivable' or 'Sundry Debtors'
| Is This Answer Correct ? | 1 Yes | 3 No |
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