Question

Journal entry for till takings

Answer 1

Answer:

Cash A/C. dr.

To Sales A/C

Answer 2

The journal entry for till taking is Cash account             Dr    xxxxxx

                                                            To Sales account                     xxxxxx

What is till taking?

It is nothing but the other name for goods sold on cash. Till taking is used to specify the net sales in a retail store. The phrase comes from the concept of taking in cash for products offered over a selected length of time.

Why cash account is debited and the sales account is credited?

• It is cash sales when the payment is received from the buyer and a sale is made at the time of transfer of goods.
• There is an increase in cash when a sale is made so the cash account is debited and the sale account is credited.

The sale of goods can increase the revenue of a business firm and is also a credit to the employer. It is a profit to the business.

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