Purchase and Sales Transaction

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

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