what is the journal entry for credit sale and credit
purchase?

Answers were Sorted based on User's Feedback



what is the journal entry for credit sale and credit purchase?..

Answer / manikandan

Credit sale.

Party(sundrey debtors)a/c Dr
To Sales

Credit purchASE.

Purchases a/c Dr
To Party(sundry creditor)

Is This Answer Correct ?    1066 Yes 78 No

what is the journal entry for credit sale and credit purchase?..

Answer / surender singh parcha

Credit sale.

Party(sundry debtors)a/c Dr
To Sales

Credit purchase.

Purchases a/c Dr
To Party(sundry creditor)

Is This Answer Correct ?    323 Yes 40 No

what is the journal entry for credit sale and credit purchase?..

Answer / guruprasad

1. Credit Sale:-

Party (Sundry Creditor) A/c Dr.
To Sales A/c
(Being Credit Sale made)


2. Credit Purchase:-

Purchase A/c Dr.
To Party (Sundry Debtors) A/c
(Being purchase made for Credit Basis)

Is This Answer Correct ?    571 Yes 365 No

what is the journal entry for credit sale and credit purchase?..

Answer / burada venkata ramana

Credit sales entry

Sundry Debtors a/c Dr
To sales a/c
(Being the credit sales of ------)

Credit Purchase entry

Purchase A/c Dr
To Sundry Creditor A/c (supplier)

(being the credit purchase of -------- from -----)

Is This Answer Correct ?    161 Yes 14 No

what is the journal entry for credit sale and credit purchase?..

Answer / mskk

Sundry Debtors A/c Dr
To Sales

2. Purchase A/c Dr

To S. Creditors

Is This Answer Correct ?    120 Yes 20 No

what is the journal entry for credit sale and credit purchase?..

Answer / kasi reddy - madhire

Credit Sales:

Customer or Debtor a/c DR
To Sales a/c
(Being credit sales made)

Credit purchases:

Purchases a/c DR
To Vendor or Creditors a/c
(Being credit purchases made).

Is This Answer Correct ?    84 Yes 17 No

what is the journal entry for credit sale and credit purchase?..

Answer / s.arunalagarsamy

1.credit purchase
purchase A/c Dr xxxx
To Account payable A/c(supplier) xxxx
(being credit purchase is made)

2.credit sales
Accounts Receivable A/c(Buyer) Dr xxxx
To sales A/c xxxx
(being credit purchase is made)

Is This Answer Correct ?    62 Yes 16 No

what is the journal entry for credit sale and credit purchase?..

Answer / anupam kumar

Sundry Debtors A/C Dr xxx
or
Party name A/C Dr
To Sales A/C Cr xxx


purchase A/C Dr xxx
To Sundry Creditors A/C Cr
or
Party name A/C Cr xxx

Is This Answer Correct ?    50 Yes 10 No

what is the journal entry for credit sale and credit purchase?..

Answer / mohammed farooque

Credit sale entries
Party A/c Dr xxxx
Sales A/c Cr xxxx

Cash A/c Dr xxxx
Party A/c Cr xxxx



Credit Purchase entries
Purchase A/c Dr xxxx
Party A/c Cr xxxx

Party A/c Dr xxxx
Cash A/c Cr xxxx

Is This Answer Correct ?    36 Yes 8 No

what is the journal entry for credit sale and credit purchase?..

Answer / dip

Credit sale

Sundry Debtor...Dr
To Sales

Cr Sales a/c ...Dr
To trading P/L a/c


Credit Purchase

Cr Purchase...Dr
To Sundry Creditors

Trading P/L....Dr
To Cr Purchase


Entries will be different for Cash Sales and Purchase.

Is This Answer Correct ?    33 Yes 19 No

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