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Goods of the value of ₹2,500 returned by a customer were entered in the Sales day Book and posted therefrom to the credit of his account.?
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Goods of the value of ₹2,500 returned by a customer were entered in th...
Explanation:
Goods Returned by Customer:
- When a customer returns goods to the seller, it is recorded in the Sales day Book.
- In this case, goods worth ₹2,500 were returned by a customer.
Entry in Sales Day Book:
- The return of goods is recorded in the Sales day Book to keep track of all transactions.
- The entry will show the details of the goods returned, the value of the goods, and the customer's name.
Posting to Customer's Account:
- Once the entry is made in the Sales day Book, it is posted to the customer's account in the ledger.
- The amount is posted to the credit side of the customer's account as it represents a return of goods.
Impact on Accounts:
- The return of goods will reduce the sales revenue for the period.
- The customer's accounts payable balance will decrease due to the return of goods.
Conclusion:
- Recording the return of goods in the Sales day Book and posting it to the customer's account ensures accurate financial reporting and helps in tracking customer transactions effectively.
Goods Returned by Customer:
- When a customer returns goods to the seller, it is recorded in the Sales day Book.
- In this case, goods worth ₹2,500 were returned by a customer.
Entry in Sales Day Book:
- The return of goods is recorded in the Sales day Book to keep track of all transactions.
- The entry will show the details of the goods returned, the value of the goods, and the customer's name.
Posting to Customer's Account:
- Once the entry is made in the Sales day Book, it is posted to the customer's account in the ledger.
- The amount is posted to the credit side of the customer's account as it represents a return of goods.
Impact on Accounts:
- The return of goods will reduce the sales revenue for the period.
- The customer's accounts payable balance will decrease due to the return of goods.
Conclusion:
- Recording the return of goods in the Sales day Book and posting it to the customer's account ensures accurate financial reporting and helps in tracking customer transactions effectively.
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Goods of the value of ₹2,500 returned by a customer were entered in the Sales day Book and posted therefrom to the credit of his account.?
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Goods of the value of ₹2,500 returned by a customer were entered in the Sales day Book and posted therefrom to the credit of his account.? 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 Goods of the value of ₹2,500 returned by a customer were entered in the Sales day Book and posted therefrom to the credit of his account.? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Goods of the value of ₹2,500 returned by a customer were entered in the Sales day Book and posted therefrom to the credit of his account.?.
Goods of the value of ₹2,500 returned by a customer were entered in the Sales day Book and posted therefrom to the credit of his account.? 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 Goods of the value of ₹2,500 returned by a customer were entered in the Sales day Book and posted therefrom to the credit of his account.? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Goods of the value of ₹2,500 returned by a customer were entered in the Sales day Book and posted therefrom to the credit of his account.?.
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