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Credit sale, meaning, disadvantages and advantages
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[QUOTE="Kingsley, post: 212506, member: 30278"] In business there are some certain things we must all try to understand in dealing with our customers. There are some people that will always come for credit facilities, credit sales are sales that involves the seller and buyer coming in agreement and the seller releases the goods or services to the buyer, to get paid at a later date as agreed. This is the way of business hence in accounting systems and records there are special books that are kept specially for credit sales, such as purchase day book and sales day book. They are used to record credit sales. One of the beauty or advantage of selling on credit is that it helps the seller to increase the level of sales. it helps the seller not to retain their goods or service on ground unnecessarily that will lead to tied down capital. So as they keep selling on credit they will have it at the back of their minds that soon they will be paid, the only down sides of credit sales in is that the buyers sometimes are not always faithful in terms of paying up their debts, and sometimes, it leads to bad debt. So sellers must be careful when giving credit sales opportunities to buyers. [/QUOTE]
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