Sales invoice - Invoice issued to the customer XYZ Ltd. for £1000 (Incl. VAT of £166.67), with payment term 30 days. Post journal for it.
Question
Sales invoice - Invoice issued to the customer XYZ Ltd. for £1000 (Incl. VAT of £166.67), with payment term 30 days. Post journal for it.
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Solution 1
Sure, here is the journal entry for the sales invoice:
- Debit: Accounts Receivable (XYZ Ltd.) £1000
- Credit: Sales Revenue £833.33
- Credit: VAT Payable £166.67
Explanation:
- When the invoice is issued, the company recognizes an account receivable, which is a debit entry. This is the total Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solv
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