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Post Info TOPIC: cash transactions
rafapak


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cash transactions
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hi guys

As we know, there is no trade receivables or trade payables when we talk about cash transactions. Mr X paid me with cash for goods I sold him. What two corresponding accounts are involved in this transaction? Cash account probably increases on debit side  since cash is an asset. What about corresponding account?



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VinceH


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Sales.

You'd be crediting a sales/revenue account. That could be a generic 'Sales' account, or something more granular, such as a 'Cash sales' account - the exact title and the amount of granularity will vary from one business to another.

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Vince M Hudd - Soft Rock Software

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rafapak


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thanks vince, can i create memorandum accounts so that i can trace transactions with mr X, mr Y and mr Z ?



-- Edited by rafapak on Monday 21st of December 2015 08:03:17 PM

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