Question

Shiva returns good worth rs.2000 and received cash rs 8000

Answer 1

JOURNAL ENTRIES :

When goods were sold to Shiva :

Shiva A/C   Dr   Rs.10,000

    To Sales A/C    Rs.10,000

(Being goods sold to Shiva)

When goods are being returned by Shiva :

Sales Returns A/C   Rs.2000

    To Shiva A/C   Dr    Rs.2000

(Being goods returned by Shiva)

When Cash is received from Shiva :

Cash A/C  Dr    Rs.8000

   To Shiva A/C   Rs.8000

(Being Cash received from Shiva)

 

Answer 2

Hey mate ✌️✌️


Journal Entry ⏬⏬⏬⏬

When Goods return by Shiva⤵️⤵️⤵️⤵️

Sales Return A/c..............................Dr.....2009
..........To Shiva ......2000


When cash Received from Shiva⤵️⤵️⤵️⤵️⤵️


Cash A/c........................Dr....8000
.........To Shiva ....8000


☑️At the time of good sold being returned ,sales return account is debited and not sales account .It is credited with the purpose to know total value of goods sold having been returned to the firm.



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