Question

make a general entry for rebate received from Narayan because of poor quality of goods​

Answer 1

Answer:cash A/C dr ₹.....

To rebate A/C ₹.....

Explanation:

Answer 2

Answer:

Rebate is the amount of payment that seller gives back to the buyer within a certain condition. It can be the rewards that seller provides to the buyer.

Explanation:

• Profit is generated by the sale of products or services to clients. Increasing sales is one strategy of increasing profit. Profit will rise in tandem with sales volume. To increase sales, the vendor attempts a variety of market methods and promotions. They will raise brand awareness in order to attract new consumers. They provide customers discounts by lowering prices in order to improve sales volume. The refund is one of the strategies. Rebate is a tactic in which the seller gives the customer a set amount of money after the transaction. The firm might employ various different forms of rebates. They provide rebates to customers who purchase at a specific volume in order to improve the selling quantity.
• They also offer incentives to retailers in order to enhance sales volume. Individual consumers receive the final sort of reimbursement. It is the amount that the client receives from the supplier when the purchase is finished. It differs from trade discounts in that suppliers drop their prices at the time of purchase. Rebate is the amount paid back by the provider after the client has purchased and settled the payment.
• The transaction will lower the cost of things purchased by customers. They must account for it as a cost deduction from the purchase goods.
• When the firm receives a refund from a supplier, it will record the cash received as well as the reduction in purchase goods. It is regarded as a price adjustment on the asset's purchase. It cannot be recorded as revenue by the corporation. The journal entry deducts cash while crediting inventories or fixed assets.
• The transaction will reduce the cost of fixed assets or inventory which depends on the nature of purchased items. The company is more likely to receive rebates for highly expensive items.
• Accrued Expense a/c Dr.
• Accrued Liability a/c Cr.
• and
• Customer Cr.
• Accrued Expense a/c Dr.
• Accrued Liability a/c Dr.
• Accrued Expense a/c Cr.
• Customer a/c Dr 100
• Sales a/c Cr100
• Rebate accrual a/c Dr10
• Rebate accrual a/c Cr10
• Which one is standard rebate entry.

Reference Link

• https://brainly.in/question/4931273