Sales of Good on Credit Entry Example, Concepts, Illustrations, Sample Help Online Services
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Meaning of Sales of Good on Credit Meaning
A trader can make sales either through cash or on credit. Credit sales means the goods are sold to customer and cash is collected at a later date as per agreement with the customer. A sale is recorded as soon as the risk and responsibility of the product is transferred to the customer. Therefore, in credit sales the following journal entry is passed
Accounts Receivables a/c Dr.
Both the accounts receivables shown in the Balance Sheet as an asset and sales on credit is shown in the credit side of trading account.
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Sales of Good on Credit Example Explanation
The Sales of Good on Credit concept can be well understood with help of an example.
Example: Mr. X sold Products worth $32000 to Mr. Y on credit.
The accounting entry will be as follows
Mr. Y Dr. $32000
To Sales $32000
Mr. Y is debited because he will receive cash in future and Mr. Y becomes our Debtor so our accounts receivables increase and sales is credit because cash has not yet received but there is decrease in our goods.
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