Example of Partly paid Sales Journal Entry
Sales against which partly payment is received is credited
with full amount and the cash received is debited with part payment receive and
customer is debited with balance amount that is still receivable. It is
important to note that cash and receivable both are assets.
Example of Partly paid Purchases
1.
Samee and Farhan & Co. made a Sale for 1100
$ on credit to Faheem and Co. An amount of $800 is received on date of sales
and balance amount is received after two months.
Solution
|
Date
|
Particulars
|
Dr
|
Cr
|
|
11 Feb,2014
|
Cash a/c
|
800
|
|
|
|
Faheem a/c
|
|
|
|
11 Feb ,2014
|
Sales a/c
|
|
1,100
|
The following entry will be made at the time of future
payment of balance amount is received
From faheem.
|
Date
|
Particulars
|
Dr
|
Cr
|
|
11 April ,2014
|
Cash a/c
|
300
|
|
|
11 April,2014
|
Faheem a/c
|
|
300
|
