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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
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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