Question

what will be journal entry for goods sold to rohini out of which good worth ₹1000 was returned by her​

Answer 1

Answer:

it may help you

Explanation:

Sanjoy Sanjoy

Answered September 27, 2020

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 Cred

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Harjot Singh

Answered 2 years ago

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

Answer 2

Note:

Since the amt. of good sold is not given in the question, I'm assuming it to be Rs. X (X> Rs. 1,000)

Answer:

Refer to the attachment.

Explanation:

Since it is not mentioned that it's a cash transaction, we assume it to be a credit transaction.

So, since goods were sold o Roshini on credit, she becomes a debtor to the business and hence, her account is debited because debtors are an asset to the business and increase in debtors is debited.

Also, sales is an income for the business, so increase in sales/income is credited according to the rules of accounting.

Now, in the second entry, since goods are being returned to the business, it's a loss for the business and since increase in losses/expenses is debited, we debit the sales return account.

Also, previously, Roshini had to pay Rs. X to the business but now since she has returned goods worth Rs. 1,000, her account is credited by Rs. 1,000 since she is no longer liable to pay the thousand rupees to the business.

It can also be thought of as Roshini was a debtor but now she will pay us Rs. 1,000 less than Rs. X, and decrease in debtors is credited, so her account is credited by Rs. 1,000.