what is journal entry for the credit sales and purchases

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what is journal entry for the credit sales and purchases..

Answer / dhanpal singh

vendor a/c dr
sale tax a/c dr
To inventory a/c
To sale tax payable a/c
as per tally accounting

Is This Answer Correct ?    9 Yes 4 No

what is journal entry for the credit sales and purchases..

Answer / mohd asif

purchase a/c dr
sundry creditors a/c cr
sundry debtors a/c dr
sales cr

Is This Answer Correct ?    5 Yes 2 No

what is journal entry for the credit sales and purchases..

Answer / hafiz m.usman

CREDIT PURCHASE

Inventory a/c (Dr)
sales Tax a/c (Dr)
Supplier a/c (Cr)


CREDIT SALES

Customer a/c (Dr)
sales Tax a/c (Cr)
Inventory a/c (Cr)

Is This Answer Correct ?    1 Yes 1 No

what is journal entry for the credit sales and purchases..

Answer / cecil

Journal entry is an entry to the journal.
Journal is a record that keeps accounting transactions in chronological order, i.e. as they occur.
Ledger is a record that keeps accounting transactions by accounts.
Account is a unit to record and summarize accounting transactions.

All accounting transactions are recorded through journal entries that show account names, amounts, and whether those accounts are recorded in debit or credit side of accounts.

http://accountinginfo.com/study/je/je-01.htm

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what is journal entry for the credit sales and purchases..

Answer / anil

Debtors a/c dr
     to Sale a/c

Is This Answer Correct ?    0 Yes 2 No

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