Home For AAT student members AQ 2013 AAT Level 2 (Level 5 in Scotland)
Current updates regarding coronavirus (Covid-19) and the precautions AAT are taking will be continually updated on the below page.

Please check this link for the latest updates:
We hope you are all safe and well and if you need us we will be here. 💚


Unit 30- Assignment 2

warriorwarrior Just JoinedRegistered Posts: 1
I am about to start assignment 2 and am not sure how to record the transaction- Cash sales paid directly into bank £3,500., in to the relevant accounts. As it is a cash sale,would i debit the cash account and credit the sales account. And then because it was paid into the bank, debit the bank account and credit the cash account? If sum one could show me with an example and explain it to me, i would be most grateful. Also i`m not sure wot to do for the transaction- cash sales were put into the cash till. Any help would be appreciated.

Comments

  • mikesmikes Trusted Regular Registered Posts: 254
    you are nearly right, on the transaction, rather than rasing a cash account, you would debit the Bank account as it is money coming into the account and increasing the value and then credit the sales account, as the value of stock has reduced.

    I'm not too sure about the sales being placed in the till, as this is not a book of entry. I would keep an eye out for future transactions to see if a value is being taken out of the till for banking and then record that instead.
Sign In or Register to comment.