INSTALLMENT SALES (B.Com Part - II) Lecture # 2:

INSTALLMENT SALES (B.Com Part - II) Lecture # 2:
Installment sales mein under perpetual system yeh entries record ki jati hein:

GENERAL JOURNAL ENTRIES:
(1) PURCHASE MERCHANDISE ON ACCOUNT:
Merchandise (Debit)
Accounts payable (Credit)
Jab merchandise karte hein to perpetual system mein merchandise k naam se record karte hein isi liye yahan merchandise record ki gai hai aur udhar pe purchase ki hai to accounts payable record kiya gaya.

(2) SALE OF MERCHANDISE ON INSTALLMENT BASIS:
Installment accounts receivable (Debit)
Installment sales (Credit)