Q.20 Explain the method for opening goodwill account on retirement of partner and
Give necessary entries.
04
write the journal entries.
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Journal Entries for Sales Rebates
Beyond the purchase price, it then becomes clear the customer is entitled to a 12% rebate amounting to $432. This rebate is then paid to the customer and the accounting journal entry is a debit to Sales Rebates and a credit to the Bank account of $432.
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