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 Cash Sales

Cash Sales from shop  Item A 1000 kg*15=15000

 

Credit Sales

Sales made to AC Oberoi and Co 30000 Kg Item A @10 each on 1 August.

Amount received from AC Oberoi Rs 285000 by cheque on 15 August and balance by cash on 18 September

 

Sales +Direct Income

Item A 15000 Kg @ 20/kg 300000

Item B 5000 Kg @ 40/kg   200000

Total                               500000

+

Transportation Charges     20000

Total                               520000

 

Cheque received from Ajit traders for 80% payment.

Balance amount not yet received.

 

 

Some amount in advance

The company entered into agreement to sell 2000 kg Item B @ 50/Kg to Khan Traders on 17 September.

 It received 10% payment in advance on 18 September. Sales Bill was issued on 19 September and balance was received on 20 September

 

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CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 6 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com.
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