CASH SALE OF Rs. 10000/- WITH TAX.
THEN WHAT SHOULD BE THE ENTRY BEHIND THIS IN BOTH SIDE SALES
AND TAXATION.
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Answer Posted / Viddhotma
On the sales side, the entry should be: Sales Account - Debit (Rs. 10000) and Cash Account - Credit (Rs. 10000). On the taxation side, if there is a tax component in the sale (like GST or VAT), the entry would depend on the tax structure and could involve entries in multiple accounts like Output Tax Liability Account, Sales Tax Payable Account, Cash/Bank Account.
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