Question

return defective goods by dineshwar of list price 3000
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Answer 1

Answer:

Obviously, following journal entry had been passed at the time of purchasing goods from Mahesh:

Purchase A/c Dr

To Mahesh

(Being purchase of goods worth Rs._________ from Mr Mahesh vide Invoice No.xx dated xxxx)

Therefore, the journal entry for defective goods returned should be:

Mahesh Dr Rs.2,500

To Purchase A/c Rs.2,500

(Being defective goods returned of Rs.2,500 to Mr Mahesh vide Debit Note No.yy dated zzzz)

You can see it’s so simple ! I reiterate that journal entry is THE FOUNDATION of accounting. If you can pass a journal entry correctly, you can decipher the highly masked accounting data in a jiffy !!

Explanation:

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