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Financial accounting

This topic has 1 reply, 2 voices, and was last updated 10 months ago by John Moffat.

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August 3, 2021 at 4:47 pm #630287
Fbjbgh
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Hii sir,

The sales proceeds have been debited to the bank account and credited to a sales account.

Is there any error, if yes which item it will affect in the income statement ans statement of financial position

Thank you
August 3, 2021 at 7:09 pm #630306
John Moffat
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Assuming that these are cash sales (as opposed to sales on credit) then there is no error and the entry is correct.

Have you watched my free lectures on this? The lectures are a complete free course for Paper FA and cover everything needed to be able to pass the exam well.
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