a) At the time of delivery of goods (PGI)
Cost of goods sold account Dr
Inventory account Cr
(This entry is passed by the cost of the item delivered)
b) During generation of Invoice
Customer / Debtors account Dr
Sales/Revenue account Cr
Taxes Cr
(This entry is passed by the selling price)
c) During collection of Payment
Bank account Dr
Discount Dr
Customer/ Debtors account Cr
(This entry is passed by the amount collected and discount given to customer)
If we are using the clearing system then istead of bank account, clearing account will be debited.
Thanks Rajesh for letting us know the absolute accounting entries
6 comments:
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might , probably curious to know how one can make real money .
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AimTrust is what you thought of all the time
AimTrust incorporates an offshore structure with advanced asset management technologies in production and delivery of pipes for oil and gas.
It is based in Panama with structures everywhere: In USA, Canada, Cyprus.
Do you want to become a happy investor?
That`s your chance That`s what you really need!
I`m happy and lucky, I began to take up income with the help of this company,
and I invite you to do the same. If it gets down to select a correct companion who uses your funds in a right way - that`s AimTrust!.
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