Question

What will be the journal entry for return goods to ramesh and bros rupees 1500?

Answer 1

ramesh... dr
To purchase return @/c...

Answer 2

Answer:

The cash account or accounts payable account for the cash purchases or credit purchases will be debited when the products are returned to the supplier, and a matching credit will be applied to the purchase return account as the goods are returned from the firm to the supplier.

Explanation:

For the given question, below is the explanation:

• In this instance, Ramesh will credit his account with 1500 on an entry titled "return inwards" once the seller credits his account for the returned products, which we refer to as "return inwards."
• However, brothers will debit his account through an entry known as "returned outwards."
• The product being returned might not have satisfied the consumer in terms of quality.

What is return inwards?

Returns inwards are items that customers send back to the company who sold them, typically in connection with warranty claims or outright returns for a credit. This results in the following accounting transaction for the client: a reduction in (debit from) accounts payable. a refund (decrease) for inventory that was bought.

What is returned outwards?

Returns outbound are products that customers send back to the source. This causes the following accounting transaction for the supplier: a loss in revenue equal to the sum that was refunded to the consumer.

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