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In the Sale or Return Ledger
- a)All the customers are individually debited and the sale or return account is credited with the periodical total of the Sale or Return Day Book.
- b)All the customers are debited in total and the sale or return account is credited with the periodical total of the Sale or Return Day Book.
- c)All the customers are individually debited and the sale or return account is also credited with the individual total of the Sale or Return Day Book.
- d)None of the above.
Correct answer is option 'A'. Can you explain this answer?
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In the Sale or Return Ledgera)All the customers are individually debit...
In the Sale or Return Ledger
In the Sale or Return Ledger, the customers are individually debited and the sale or return account is credited with the periodical total of the Sale or Return Day Book. Let's understand this answer in detail:
1. Sale or Return Ledger
The Sale or Return Ledger is a subsidiary ledger that records transactions related to goods sold or returned by customers. It helps in tracking the sales made on a sale or return basis and provides a detailed record of individual customer transactions.
2. Sale or Return Day Book
The Sale or Return Day Book is a book of original entry where all the sales or returns made on a sale or return basis are recorded. It contains details such as the name of the customer, date of transaction, the amount of sale or return, and any other relevant information.
3. Debiting the Customers
In the Sale or Return Ledger, all the customers are individually debited. Each customer's account is debited with the amount of the sale or return made by them. This helps in maintaining a separate record for each customer and tracking their individual transactions.
4. Crediting the Sale or Return Account
Simultaneously, the sale or return account is credited with the periodical total of the Sale or Return Day Book. The total amount of sales or returns recorded in the Sale or Return Day Book is credited to the sale or return account. This helps in summarizing the overall sales or returns made on a sale or return basis.
5. Purpose of the Sale or Return Account
The sale or return account is used to record the total sales or returns made on a sale or return basis. It acts as a control account that helps in reconciling the individual customer balances with the total sales or returns recorded in the Sale or Return Day Book.
6. Example
Let's say there are three customers - A, B, and C. If customer A made a sale of $100, customer B made a sale of $150, and customer C made a return of $50, the Sale or Return Ledger would record the following entries:
- Customer A's account would be debited with $100.
- Customer B's account would be debited with $150.
- Customer C's account would be credited with $50 (as it is a return).
- The sale or return account would be credited with the total of $200 ($100 + $150 - $50).
This approach ensures that individual customer transactions are recorded accurately, and the overall sales or returns are summarized in the sale or return account.
Overall, option 'A' is the correct answer as it accurately describes the process of debiting the customers individually and crediting the sale or return account with the periodical total of the Sale or Return Day Book.
In the Sale or Return Ledger, the customers are individually debited and the sale or return account is credited with the periodical total of the Sale or Return Day Book. Let's understand this answer in detail:
1. Sale or Return Ledger
The Sale or Return Ledger is a subsidiary ledger that records transactions related to goods sold or returned by customers. It helps in tracking the sales made on a sale or return basis and provides a detailed record of individual customer transactions.
2. Sale or Return Day Book
The Sale or Return Day Book is a book of original entry where all the sales or returns made on a sale or return basis are recorded. It contains details such as the name of the customer, date of transaction, the amount of sale or return, and any other relevant information.
3. Debiting the Customers
In the Sale or Return Ledger, all the customers are individually debited. Each customer's account is debited with the amount of the sale or return made by them. This helps in maintaining a separate record for each customer and tracking their individual transactions.
4. Crediting the Sale or Return Account
Simultaneously, the sale or return account is credited with the periodical total of the Sale or Return Day Book. The total amount of sales or returns recorded in the Sale or Return Day Book is credited to the sale or return account. This helps in summarizing the overall sales or returns made on a sale or return basis.
5. Purpose of the Sale or Return Account
The sale or return account is used to record the total sales or returns made on a sale or return basis. It acts as a control account that helps in reconciling the individual customer balances with the total sales or returns recorded in the Sale or Return Day Book.
6. Example
Let's say there are three customers - A, B, and C. If customer A made a sale of $100, customer B made a sale of $150, and customer C made a return of $50, the Sale or Return Ledger would record the following entries:
- Customer A's account would be debited with $100.
- Customer B's account would be debited with $150.
- Customer C's account would be credited with $50 (as it is a return).
- The sale or return account would be credited with the total of $200 ($100 + $150 - $50).
This approach ensures that individual customer transactions are recorded accurately, and the overall sales or returns are summarized in the sale or return account.
Overall, option 'A' is the correct answer as it accurately describes the process of debiting the customers individually and crediting the sale or return account with the periodical total of the Sale or Return Day Book.
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In the Sale or Return Ledgera)All the customers are individually debited and the sale or return account is credited with the periodical total of the Sale or Return Day Book.b)All the customers are debited in total and the sale or return account is credited with the periodical total of the Sale or Return Day Book.c)All the customers are individually debited and the sale or return account is also credited with the individual total of the Sale or Return Day Book.d)None of the above.Correct answer is option 'A'. Can you explain this answer?
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In the Sale or Return Ledgera)All the customers are individually debited and the sale or return account is credited with the periodical total of the Sale or Return Day Book.b)All the customers are debited in total and the sale or return account is credited with the periodical total of the Sale or Return Day Book.c)All the customers are individually debited and the sale or return account is also credited with the individual total of the Sale or Return Day Book.d)None of the above.Correct answer is option 'A'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about In the Sale or Return Ledgera)All the customers are individually debited and the sale or return account is credited with the periodical total of the Sale or Return Day Book.b)All the customers are debited in total and the sale or return account is credited with the periodical total of the Sale or Return Day Book.c)All the customers are individually debited and the sale or return account is also credited with the individual total of the Sale or Return Day Book.d)None of the above.Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for In the Sale or Return Ledgera)All the customers are individually debited and the sale or return account is credited with the periodical total of the Sale or Return Day Book.b)All the customers are debited in total and the sale or return account is credited with the periodical total of the Sale or Return Day Book.c)All the customers are individually debited and the sale or return account is also credited with the individual total of the Sale or Return Day Book.d)None of the above.Correct answer is option 'A'. Can you explain this answer?.
In the Sale or Return Ledgera)All the customers are individually debited and the sale or return account is credited with the periodical total of the Sale or Return Day Book.b)All the customers are debited in total and the sale or return account is credited with the periodical total of the Sale or Return Day Book.c)All the customers are individually debited and the sale or return account is also credited with the individual total of the Sale or Return Day Book.d)None of the above.Correct answer is option 'A'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about In the Sale or Return Ledgera)All the customers are individually debited and the sale or return account is credited with the periodical total of the Sale or Return Day Book.b)All the customers are debited in total and the sale or return account is credited with the periodical total of the Sale or Return Day Book.c)All the customers are individually debited and the sale or return account is also credited with the individual total of the Sale or Return Day Book.d)None of the above.Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for In the Sale or Return Ledgera)All the customers are individually debited and the sale or return account is credited with the periodical total of the Sale or Return Day Book.b)All the customers are debited in total and the sale or return account is credited with the periodical total of the Sale or Return Day Book.c)All the customers are individually debited and the sale or return account is also credited with the individual total of the Sale or Return Day Book.d)None of the above.Correct answer is option 'A'. Can you explain this answer?.
Solutions for In the Sale or Return Ledgera)All the customers are individually debited and the sale or return account is credited with the periodical total of the Sale or Return Day Book.b)All the customers are debited in total and the sale or return account is credited with the periodical total of the Sale or Return Day Book.c)All the customers are individually debited and the sale or return account is also credited with the individual total of the Sale or Return Day Book.d)None of the above.Correct answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation.
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Here you can find the meaning of In the Sale or Return Ledgera)All the customers are individually debited and the sale or return account is credited with the periodical total of the Sale or Return Day Book.b)All the customers are debited in total and the sale or return account is credited with the periodical total of the Sale or Return Day Book.c)All the customers are individually debited and the sale or return account is also credited with the individual total of the Sale or Return Day Book.d)None of the above.Correct answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
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ample number of questions to practice In the Sale or Return Ledgera)All the customers are individually debited and the sale or return account is credited with the periodical total of the Sale or Return Day Book.b)All the customers are debited in total and the sale or return account is credited with the periodical total of the Sale or Return Day Book.c)All the customers are individually debited and the sale or return account is also credited with the individual total of the Sale or Return Day Book.d)None of the above.Correct answer is option 'A'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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