Question

cash sales for the month ........journalise.this question

Answer 1

Cash sales are sales made against cash. It is where the seller receives the cash consideration at the time of delivery. Unlike credit sales, cash sales do not result in accounts receivable. It is not necessary that the seller must receive the currency notes to qualify a sale as cash sale. Sales involving direct immediate transfer to the seller bank account or payments through credit cards are also cash sales.

Accounting for cash sales depends on whether any sales tax or value-added tax (VAT) or any other indirect tax is applicable to the products sold