returned goods to ravi journal entry
Answers
Purchases A/c .. Dr 2000
To Kuheli A/c 2000
[Being the purchases goods from Kuheli]
Then
Goods returned to Mrs. Kuheli Rs. 900
Journal Entry:
Kuheli A/c ..Dr 900
To Purchases Return A/c 900
[Being the goods return to Kuheli Rs.900]
Kuheli A/c Debit because the Kuheli is (Personal Account) and it is Receiver, so the Receiver also Debits based on Debit and Credit Rule.
Purchases Return A/c Credit because the Purchases Return are (Nominal Account) and one type of Income and Income is also Credit. Based on the Debit and Credit or Golden Rules.
Sales Return:
Sold goods to Manju Rs. 9000
Manju A/c... Dr 9000
To Sales A/c 9000
[Being the goods sold to Manju]
now:
Sold Goods return by Manju Rs. 4000
Sales Return A/c …Dr 4000
To Manju A/c 4000
[Being the sold goods return by Manju]
Sales Return A/c Debit because the Sales Return are (Nominal Account) and one type of Expenses and Expenses is also Debit. Based on the Debit and Credit or Golden Rules.
Manju A/c Credit because the Manju is (Personal Account) and it is Giver, so Giver also Credit based on Debit and Credit Rule.
Golden Rules:
Personal Account:
Debit the Receiver, Credit the Giver
Real Account:
What cames in Debit and what Goes out Credit
Nominal Account:
Expenses & Loss Debit, and Income, Profit Credit
I hope this answer helps you.
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Purchased goods return:
Purchases goods from Meeta Rs.5000
Purchases a/c Dr. 5000
To Meeta 5000
Now,
Purchases return to Meeta Rs.2000
Meeta Dr. 2000
To Purchases returns a/c
Sold goods return:
Sold goods to Rajiv Rs. 10000.
Rajiv a/c Dr. 10000
To Sales a/c 10000
Now,
Sold goods returned by Rajiv Rs.2000
Sales return a/c Dr. 2000
To Rajiv a/c 2000
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Your question is uncertain. Also, the journal entry to be recorded depends on the nature of the transaction. Here, we have got two possibilities.
Goods returned by the customer.
Sales return a/c _________dr. Amount
To customer’s(giver) a/c __________ Amount
(Being sales return received)
Explanation: when sales are made, sales a/c is credited and here to cancel that effect sales return account will be debited. As the customer is the giver here, his account will be credited.
2. Goods returned to the supplier.
Supplier’s (receiver) a/c _______dr. Amount
To purchases return a/c _____________ Amount
(Being
For Purchase Return (Return Outward)
Creditor A/c Dr…
To Purchase Return A/c
(Being Goods purchased, now returned)
For Sales Return (Return Inward)
Sales Return A/c Dr…
To Debtor A/c
(Being goods sold, now returned)
What is the accounting entry for sales return?
What is the journal entry of goods returned to creditor Rs.3000?
I deposited Rs. 5000 in a bank. What is a journal entry?
What is the journal entry for sold goods for cash to Sailesh?
What is the journal entry for "paid Ram Chand by cheque"?
goods purchased than
purchase a/c dr.
To meena.
(being goods purchased )
Now,
Good return than
Meena a/c dr.
To purchase return a/c
(being good return )
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if return inward reverse sales Dr sales and Cr Cash and if on credit Cr debtors acct or in some cases Dr Returns inward Acct and Cr cash/bank acct. While if returns outward the same process on purchases acct and Creditors Accts and returns outward acct
Journal entry of sales Return and Purchase Return. what is sales Return Some customer returns there goods sold to them. It is known as sales returns. The seller record this returndebit to sales return account andcredit to account receivable accounts.
salesreturns a/c Dr
To debtor a/c
creditor a/c Dr
To purchasereturns a/c
Bank account DR
Purchase returns account.
Sales return a/c Dr
To cash a/c
Sales return ac dr
To cash
Answer:
Ravi A/c Dr. xxx
To Purchases Returns xxx
(Being goods returned to Ravi.)
Explanation:
- The Golden Rules of Accounting-
Rule 1: For Real Accounts- Debit What Comes In, Credit What Goes Out.
Rule 2: For Personal Accounts- Debit the Receiver, Credit the Giver.
Rule 3: For Nominal Accounts- Debit All Expenses and Losses, Credit all Incomes and Gains.
- Ravi A/c is a personal account, therefore by applying the Rule 2 of accounting we will debit Ravi A/c as he is the receiver.
- Purchases Return A/c is a nominal account, therefore by applying the Rule 3 of accounting we will credit Purchases return A/c as it ia an income for the business.
Hence, while passing the journal entry we will debit Ravi A/c and credit the Purchases return A/c.
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