Question

Rashmi returned goods to us rs.400
what is the journal entry?​

Answer 1

Purchase Return A/c. Dr. 400
To cash A/c. 400

Answer 2

JOURNAL ENTRY

Explanation:

for journal entry there are some rules

1. Decrease in Asset Credit

2. Revenue will be credited

Rashmi returned goods to us rs.400

Aspect 1. goods return means sale decrease and sale is revenue, means revenue will be decreased so according to above rule sale-return will be debited.

Aspect 2. Rashmi returned goods, rashmi is debtor , by the return goods debtor will decrease and rule is credit (Decrease in Asset)

Journal

Particular                          Dr.(Amount)            Cr.(Amount)

Sale Return A/C Dr.               400

      To Rashmi A/C                                                  400

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