Question

Goods returned by mahaveer rupees 2,000

Answer 1

Answer:

Sales return A/c_____2000

Mahavir/Goods A/c________2000

Explanation:

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Answer 2

The Journal Entry will be as follows:

Sales Returns A/c                  ------dr               2,000

        To Mahaveer's A/c                                               2,000

According to the Accounting Standards,

• The goods that were sold earlier to a customer come back for a return then the sales made by the firm decrease and the debtors or cash that was realized by the firm also decrease.
• Sales made are of a credit nature and to reduce them the Sales Return Account is debited whereas the debtors or cash is an asset  and to decrease the value of assets it needs to be credited.
• Return of goods by the customer can be taken as the loss by the firm as the profit to be made on sales decreases and the money that was realized and was due to be taken is also reduced. So, the inflow of Cash decreases.

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