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When the goods are returned by the customers within the specified time, they are recorded
- a)Initially in the Sale or Return Ledger. Thereafter, in the Sale or Return Day Book
- b)Initially in the Sale or Return Day Book. Thereafter, in the Sale or Return Ledger
- c)Only in the Sale or Return Day Book
- d)Only in the Sale or Return Ledger
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
When the goods are returned by the customers within the specified time...
**Explanation:**
When goods are returned by customers within the specified time, they are recorded initially in the Sale or Return Day Book and thereafter in the Sale or Return Ledger. Here's a detailed explanation of why option B is the correct answer:
**Sale or Return Day Book:**
- The Sale or Return Day Book is a subsidiary book where all the transactions related to sale or return of goods are recorded.
- When a customer returns goods within the specified time, the details of the return transaction are recorded in the Sale or Return Day Book.
- This includes information such as the date of return, customer's name, description of goods returned, quantity, and value of the returned goods.
**Sale or Return Ledger:**
- The Sale or Return Ledger is a subsidiary ledger where the details of all the transactions related to sale or return of goods are recorded.
- After the return transaction is recorded in the Sale or Return Day Book, it is then posted to the respective customer's account in the Sale or Return Ledger.
- The customer's account in the Sale or Return Ledger will show the debits and credits related to the return transaction, allowing for accurate tracking and reconciliation of the customer's account.
**Recording Process:**
- When goods are returned by customers within the specified time, the initial recording is done in the Sale or Return Day Book.
- The details of the return transaction are entered in the Sale or Return Day Book, including the date, customer's name, description of goods returned, quantity, and value.
- After the return transaction is recorded in the Sale or Return Day Book, it is then posted to the respective customer's account in the Sale or Return Ledger.
- This posting to the Sale or Return Ledger ensures that the return transaction is accurately reflected in the customer's account and allows for proper reconciliation of accounts.
Therefore, the correct answer is option B: Initially in the Sale or Return Day Book and thereafter in the Sale or Return Ledger.
When goods are returned by customers within the specified time, they are recorded initially in the Sale or Return Day Book and thereafter in the Sale or Return Ledger. Here's a detailed explanation of why option B is the correct answer:
**Sale or Return Day Book:**
- The Sale or Return Day Book is a subsidiary book where all the transactions related to sale or return of goods are recorded.
- When a customer returns goods within the specified time, the details of the return transaction are recorded in the Sale or Return Day Book.
- This includes information such as the date of return, customer's name, description of goods returned, quantity, and value of the returned goods.
**Sale or Return Ledger:**
- The Sale or Return Ledger is a subsidiary ledger where the details of all the transactions related to sale or return of goods are recorded.
- After the return transaction is recorded in the Sale or Return Day Book, it is then posted to the respective customer's account in the Sale or Return Ledger.
- The customer's account in the Sale or Return Ledger will show the debits and credits related to the return transaction, allowing for accurate tracking and reconciliation of the customer's account.
**Recording Process:**
- When goods are returned by customers within the specified time, the initial recording is done in the Sale or Return Day Book.
- The details of the return transaction are entered in the Sale or Return Day Book, including the date, customer's name, description of goods returned, quantity, and value.
- After the return transaction is recorded in the Sale or Return Day Book, it is then posted to the respective customer's account in the Sale or Return Ledger.
- This posting to the Sale or Return Ledger ensures that the return transaction is accurately reflected in the customer's account and allows for proper reconciliation of accounts.
Therefore, the correct answer is option B: Initially in the Sale or Return Day Book and thereafter in the Sale or Return Ledger.
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When the goods are returned by the customers within the specified time, they are recordeda)Initially in the Sale or Return Ledger. Thereafter, in the Sale or Return Day Bookb)Initially in the Sale or Return Day Book. Thereafter, in the Sale or Return Ledgerc)Only in the Sale or Return Day Bookd)Only in the Sale or Return LedgerCorrect answer is option 'B'. Can you explain this answer?
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