Question

pass the journal entries of goods 60,000 sold to shyam 8% of goods sold returned by shyam​

Answer 1

Answer:

▪Shyam a/c dr. 60000

to sales 60000

▪Sales return a/c dr. 4800

to Shyam a/c 4800

Explanation:

Shyam is an asset bcz it is credit sales, on sales return the value of asset decreases from 60000 to 55200.so it credited nd On sales return asset increases thats why Sales return debited.on other words sales return is the opposite of income here(asper accrual concept).so income decreases,so debited