Record cash sale
transactions in ledger
accounts.
|
Bank
|
|||
|
Sales
|
xxx
|
|
|
|
Sales
|
|||
|
|
|
Bank
|
xxx
|
Record credit purchase transaction in ledger account.
|
Payable
|
|||
|
|
|
Purchase
|
xxx
|
|
Purchase
|
|||
|
Payable
|
xxx
|
|
|
Record
sales return of
original cash sales.
|
Bank
|
|||
|
|
|
Sales return
|
xxx
|
|
Sales
|
|||
|
Bank
|
xxx
|
|
|
Record purchase return of original credit purchase.
|
Payable
|
|||
|
Purchase return
|
xxx
|
|
|
|
Purchase
|
|||
|
|
|
Payable
|
Xxx
|
Cash sales reflecting sales tax /service
tax / GST / VAT.
|
Bank
|
|||
|
Sales
|
xxx
|
|
|
|
Sales tax payable
|
xx
|
|
|
|
Sales
|
|||
|
|
|
Bank
|
xxx
|
|
Sales tax
|
|||
|
|
|
Bank
|
xx
|
Credit purchase reflecting sales tax / service tax / GST / VAT.
|
Payable
|
|||
|
|
|
Purchase
|
xxx
|
|
|
|
Sales tax receivable
|
xx
|
|
Purchase
|
|||
|
Payable
|
xxx
|
|
|
|
Sales tax
|
|||
|
Payable
|
Xx
|
|
|
Calculate sales tax on
transactions and record the consequent
accounting entries.
= sales figure * sales tax %
Account for discounts allowed on sales
|
Sales
|
|||
|
|
|
Bank
|
xxx
|
|
|
|
Discount
|
xx
|
|
Bank
|
|||
|
Sales
|
xxx
|
|
|
|
Discount
|
|||
|
Sales
|
xx
|
|
|
Account for discount received in credit purchase
|
Purchase
|
|||
|
Payable
|
xxx
|
|
|
|
Discount
|
xx
|
|
|
|
Payable
|
|||
|
|
|
Purchase
|
xxx
|
|
Discount
|
|||
|
|
|
Purchase
|
xx
|
`
