Question

Journal entry for Goods returned from suma

Answer 1

Answer:

ᴊᴏᴜʀɴᴀʟ ᴇɴᴛʀʏ ғᴏʀ ᴀ ɢᴏᴏᴅs ʀᴇᴛᴜʀɴ:

ʙᴇғᴏʀᴇ ʀᴇᴄᴏʀᴅɪɴɢ ᴀ ᴊᴏᴜʀɴᴀʟ ᴇɴᴛʀʏ, ɪᴛ ɪs ɪᴍᴘᴏʀᴛᴀɴᴛ ᴛᴏ ᴜɴᴅᴇʀsᴛᴀɴᴅ ᴛʜᴇ ᴅɪғғᴇʀᴇɴᴛ ᴛʏᴘᴇs ᴏғ ɢᴏᴏᴅs ʀᴇᴛᴜʀɴ.

ᴛᴡᴏ ᴛʏᴘᴇs ᴏғ ɢᴏᴏᴅs ʀᴇᴛᴜʀɴ:

ᴘᴜʀᴄʜᴀsᴇs ʀᴇᴛᴜʀɴ ᴏʀ ʀᴇᴛᴜʀɴ ᴏᴜᴛᴡᴀʀᴅ.

sᴀʟᴇs ʀᴇᴛᴜʀɴ ᴏʀ ʀᴇᴛᴜʀɴ ɪɴᴡᴀʀᴅ.

ᴘᴜʀᴄʜᴀsᴇs ʀᴇᴛᴜʀɴ ɢᴏᴏᴅs

ғᴏʀ ᴇxᴀᴍᴘʟᴇs :

ᴘᴜʀᴄʜᴀsᴇs ɢᴏᴏᴅs ғʀᴏᴍ ᴍʀs. ᴋᴜʜᴇʟɪ ʀs. 2000

ᴊᴏᴜʀɴᴀʟ ᴇɴᴛʀʏ:

ᴘᴜʀᴄʜᴀsᴇs ᴀ/ᴄ .. ᴅʀ 2000

ᴛᴏ ᴋᴜʜᴇʟɪ ᴀ/ᴄ 2000

[ʙᴇɪɴɢ ᴛʜᴇ ᴘᴜʀᴄʜᴀsᴇs ɢᴏᴏᴅs ғʀᴏᴍ ᴋᴜʜᴇʟɪ]

ᴛʜᴇɴ

ɢᴏᴏᴅs ʀᴇᴛᴜʀɴᴇᴅ ᴛᴏ ᴍʀs. ᴋᴜʜᴇʟɪ ʀs. 900

ᴊᴏᴜʀɴᴀʟ ᴇɴᴛʀʏ:

ᴋᴜʜᴇʟɪ ᴀ/ᴄ ..ᴅʀ 900

ᴛᴏ ᴘᴜʀᴄʜᴀsᴇs ʀᴇᴛᴜʀɴ ᴀ/ᴄ 900

[ʙᴇɪɴɢ ᴛʜᴇ ɢᴏᴏᴅs ʀᴇᴛᴜʀɴ ᴛᴏ ᴋᴜʜᴇʟɪ ʀs.900]

ᴋᴜʜᴇʟɪ ᴀ/ᴄ ᴅᴇʙɪᴛ ʙᴇᴄᴀᴜsᴇ ᴛʜᴇ ᴋᴜʜᴇʟɪ ɪs (ᴘᴇʀsᴏɴᴀʟ ᴀᴄᴄᴏᴜɴᴛ) ᴀɴᴅ ɪᴛ ɪs ʀᴇᴄᴇɪᴠᴇʀ, sᴏ ᴛʜᴇ ʀᴇᴄᴇɪᴠᴇʀ ᴀʟsᴏ ᴅᴇʙɪᴛs ʙᴀsᴇᴅ ᴏɴ ᴅᴇʙɪᴛ ᴀɴᴅ ᴄʀᴇᴅɪᴛ ʀᴜʟᴇ.

ᴘᴜʀᴄʜᴀsᴇs ʀᴇᴛᴜʀɴ ᴀ/ᴄ ᴄʀᴇᴅɪᴛ ʙᴇᴄᴀᴜsᴇ ᴛʜᴇ ᴘᴜʀᴄʜᴀsᴇs ʀᴇᴛᴜʀɴ ᴀʀᴇ (ɴᴏᴍɪɴᴀʟ ᴀᴄᴄᴏᴜɴᴛ) ᴀɴᴅ ᴏɴᴇ ᴛʏᴘᴇ ᴏғ ɪɴᴄᴏᴍᴇ ᴀɴᴅ ɪɴᴄᴏᴍᴇ ɪs ᴀʟsᴏ ᴄʀᴇᴅɪᴛ. ʙᴀsᴇᴅ ᴏɴ ᴛʜᴇ ᴅᴇʙɪᴛ ᴀɴᴅ ᴄʀᴇᴅɪᴛ ᴏʀ ɢᴏʟᴅᴇɴ ʀᴜʟᴇs.

sᴀʟᴇs ʀᴇᴛᴜʀɴ:

sᴏʟᴅ ɢᴏᴏᴅs ᴛᴏ ᴍᴀɴᴊᴜ ʀs. 9000

ᴍᴀɴᴊᴜ ᴀ/ᴄ... ᴅʀ 9000

ᴛᴏ sᴀʟᴇs ᴀ/ᴄ 9000

[ʙᴇɪɴɢ ᴛʜᴇ ɢᴏᴏᴅs sᴏʟᴅ ᴛᴏ ᴍᴀɴᴊᴜ]

ɴᴏᴡ:

sᴏʟᴅ ɢᴏᴏᴅs ʀᴇᴛᴜʀɴ ʙʏ ᴍᴀɴᴊᴜ ʀs. 4000

sᴀʟᴇs ʀᴇᴛᴜʀɴ ᴀ/ᴄ …ᴅʀ 4000

ᴛᴏ ᴍᴀɴᴊᴜ ᴀ/ᴄ 4000

[ʙᴇɪɴɢ ᴛʜᴇ sᴏʟᴅ ɢᴏᴏᴅs ʀᴇᴛᴜʀɴ ʙʏ ᴍᴀɴᴊᴜ]

sᴀʟᴇs ʀᴇᴛᴜʀɴ ᴀ/ᴄ ᴅᴇʙɪᴛ ʙᴇᴄᴀᴜsᴇ ᴛʜᴇ sᴀʟᴇs ʀᴇᴛᴜʀɴ ᴀʀᴇ (ɴᴏᴍɪɴᴀʟ ᴀᴄᴄᴏᴜɴᴛ) ᴀɴᴅ ᴏɴᴇ ᴛʏᴘᴇ ᴏғ ᴇxᴘᴇɴsᴇs ᴀɴᴅ ᴇxᴘᴇɴsᴇs ɪs ᴀʟsᴏ ᴅᴇʙɪᴛ. ʙᴀsᴇᴅ ᴏɴ ᴛʜᴇ ᴅᴇʙɪᴛ ᴀɴᴅ ᴄʀᴇᴅɪᴛ ᴏʀ ɢᴏʟᴅᴇɴ ʀᴜʟᴇs.

ᴍᴀɴᴊᴜ ᴀ/ᴄ ᴄʀᴇᴅɪᴛ ʙᴇᴄᴀᴜsᴇ ᴛʜᴇ ᴍᴀɴᴊᴜ ɪs (ᴘᴇʀsᴏɴᴀʟ ᴀᴄᴄᴏᴜɴᴛ) ᴀɴᴅ ɪᴛ ɪs ɢɪᴠᴇʀ, sᴏ ɢɪᴠᴇʀ ᴀʟsᴏ ᴄʀᴇᴅɪᴛ ʙᴀsᴇᴅ ᴏɴ ᴅᴇʙɪᴛ ᴀɴᴅ ᴄʀᴇᴅɪᴛ ʀᴜʟᴇ.

ɢᴏʟᴅᴇɴ ʀᴜʟᴇs:

ᴘᴇʀsᴏɴᴀʟ ᴀᴄᴄᴏᴜɴᴛ:

ᴅᴇʙɪᴛ ᴛʜᴇ ʀᴇᴄᴇɪᴠᴇʀ, ᴄʀᴇᴅɪᴛ ᴛʜᴇ ɢɪᴠᴇʀ

ʀᴇᴀʟ ᴀᴄᴄᴏᴜɴᴛ:

ᴡʜᴀᴛ ᴄᴀᴍᴇs ɪɴ ᴅᴇʙɪᴛ ᴀɴᴅ ᴡʜᴀᴛ ɢᴏᴇs ᴏᴜᴛ ᴄʀᴇᴅɪᴛ

ɴᴏᴍɪɴᴀʟ ᴀᴄᴄᴏᴜɴᴛ:

ᴇxᴘᴇɴsᴇs & ʟᴏss ᴅᴇʙɪᴛ, ᴀɴᴅ ɪɴᴄᴏᴍᴇ, ᴘʀᴏғɪᴛ ᴄʀᴇᴅɪᴛ

ɪ ʜᴏᴘᴇ ᴛʜɪs ᴀɴsᴡᴇʀ ʜᴇʟᴘs ʏᴏᴜ.

Answer 2

Suma's A/c                        ----dr                   xxx

     To Purchase Return A/c                             xxx

( Being goods returned from Suma)

In this Question,

• The goods are being returned by one of the creditors so to nullify the effect the creditor's account will be debited to reduce the amount and the purchase returns account will be credited which will further be adjusted against the purchases account.
• When the goods are returned to the supplier from the customer who may have bought them on credit or cash of the goods, the cash account or creditor's accounts or accounts payable account for the purchases made from cash or on credit is to be debited with a corresponding purchase return account to credit as the goods are returned to the supplier.

#SPJ3