Silly Question

System

Hi Cani just check one thing.

Cash sales do not go through the sales ledger control account, can you please confirm.

I think all you do is Debit Bank
Credit Sales.

Thankyou for your help.

Zoe

System

Re:Silly Question

Yep thats right

System

Re:Silly Question

Thank U Zoe

System

Re:Silly Question

just to check, both cash sales ancd credit sales go into the sales figure in the balance sheet? and does this include VAT?

Sorry but im having a mindblank

System

Re:Silly Question

Debtors will appear on the balance sheet in current assets.

System

Re:Silly Question

The sales figure on the balance sheet is simply the balance from the sales a/c and so includes both cash and credit sales but not VAT.

Edit: I meant the sales figures on the P&L/Income Statement. Ignore me I'm an idiot, duh :oops:

System

Re:Silly Question

The debtors/receivables figure on the balance sheet is the sales ledger control account figure - i.e. credit sales only - and is inclusive of VAT, it's the sales figure on the P&L that is ex-VAT and comprised of both cash and credit sales.

Cash sales won't appear within the balance sheet debtors figure since these are non-credit sales, the payment received at the point of sale and thus forms part of the balance sheet bank account figure.

Regards,

Robert

System

Re:Silly Question

Hi

Seeings as you are dishing out templates - I dont suppose i could jump on and have one too - the extended trial balance for partnerships would be wonderful - if u have a spare moment that is

a much appreciated intermediate struggler :?