Question

vinayak stores return goods to is rupees 200​

Answer 1

Answer:

Journal Entry for a goods return:

Before recording a journal entry, it is important to understand the different types of Goods Return.

Two Types of Goods Return:

Purchases Return or Return outward.

Sales Return or Return inward.

Purchases Return Goods

For Examples :

Purchases goods from Mrs. Kuheli Rs. 2000

Journal entry:

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

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