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Solution of the problem relating to sale's journal Entry

Problem :
I am working trading company as a accountant . Other company received stock from us RS.20000/-Sold in exhibition sales then amt credited our account not money given to us, then company issued credit note for us in that heading stock transfer Rs.20000/-

So above credit note i have passed like this correct or not , please give suggestion , and i am waiting for your reply please.
1.
Company a/c Dr 20000/-
to purchase a/c 20000/-
(being stock given to sritech then sold in exhibition
vide their crdit note no. xxxxxx).

OR

2.Company a/c Dr 20000
To sales 20000

(being stock given to the company then sold in exhibition then amt debited our account)

here i want to show in my books sales or stock transfer to the company please reply

Solution

Because you have given the goods of Rs. 20000 to other company but you have not mentioned that the other company is your company agent or company is your customer .

Suppose if other company is your customer , then if you have given him goods , it is sale and if you have not received money at the time of goods given , then the following entry will passed

Company Account ( debtor Account ) Debit 20000

Sale Account Credit 20000


Because other company has not return goods so , without return of goods other company can not issue credit note so , you must demand money for your sold goods .

When you will receive money , you will pass following journal entry


Bank / Cash Account Debit 20000

Company ( debtor name ) account credit 20000

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Accounting Education: Solution of the problem relating to sale's journal Entry
Solution of the problem relating to sale's journal Entry
Accounting Education
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