Question

3.
Rucha and Juili are partners sharing Profits and Losses in their Capital Ratio. From the
following Trial Balance and adjustments you are required to prepare Final Accounts.
Trial Balance as on 31" March, 2019
Particulars
Debit
Particulars
Credit
Purchases T
48,000 Capital A/C
Trade Expenses
3,000 Rucha
80,000
Salaries P
4,500 Juili
40,000
Wages and Salaries T
2.800 Sundry Creditors
22,000
Advertisement (2 Years) P
4,000 Sales
1,48,000
Sales Returns T
8,000 R.D.D.P
1,200
Freehold Property
23,000 Bills Payable L
12,000
Office Rent
5,000 Purchases Return
6,000
Motor Van A
40,000
Stock (1/4/2018)
89,500
General Expenses P
2,500
Sundry Debtors A
62,000
Coal, Gas, Fuel T
1,000
Carriage Inward 1
800
Carriage Outward
1,300
Plant and Machinery A
13,800
3,09,200
3,09,200

The solution is attached here. But my question is where did the sales return come from? There are 2 entries of sales return on this page and on another page in balance sheet under sundry debtors.
Where did the sales return come from

Answer 1

Answer:

Keep a record of your return:

• For a credit sale, debit accounts receivable and credit sales. If you're collecting sales taxes, credit the corresponding sales tax liability account on the balance sheet.
• On the balance sheet, cash and accounts receivable are asset accounts. The sales account is a revenue account on the income statement.

Sales Return:

• When a consumer or client returns a product to the seller, this is known as a sales return.
• A customer can return an item for a variety of reasons, including the following: Excess quantity: A consumer may have placed an order for more items than they require, or a corporation may have shipped excess products by mistake.

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