IF CASH-IN-HAND COMES IN CURRENT ASSET(HEAD) THEN PLEASE
TELL ME IN WHICH HEAD COMES "SALES RETURN" AND "PURCHASE
RETURN"
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Answer / muhammed unais bp
sales returns comes under indirect expence,purchase return
comes unde the indirect income.
| Is This Answer Correct ? | 24 Yes | 8 No |
Answer / patvinder singh
Sales Return is less from sale or show in debit side of
trading account
&
Purchase retrun less from Purcahse or show in credit side
of trading account
| Is This Answer Correct ? | 15 Yes | 3 No |
Answer / venkata subbaiah
SALES RETURN COMES IN SALES A/C (HEAD)AND PURCHASES RETURN
COMES IN PURCHASE A/C (HEAD)
| Is This Answer Correct ? | 13 Yes | 2 No |
Answer / sanjay ramesh manglorkar
SALE RETURN COMES UNDER SALE A/C (HEAD)
PURCHASE RETURN COMES UNDER PURCHASE A/C (HEAD)
| Is This Answer Correct ? | 12 Yes | 1 No |
Answer / anwar
sales returns & purchase returns comes in trading account.
| Is This Answer Correct ? | 11 Yes | 3 No |
Answer / venugopal redddy
Sales Returns: Trading a/c Dr or less Sales
Purchase Returns: Trading a/c Cr or Less Purchases
| Is This Answer Correct ? | 6 Yes | 1 No |
Answer / d.c.venkata subbaiah
IF CASH-IN-HAND COMES IN CURRENT ASSET BUT
SALES RETURN COMES IN SALES A/C(HEAD)
PURCHASES RETURN COMES IN PURCHASE A/C (HEAD).
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / yash
Sales return under sales head
and purchase return under
purchase head. Coz its related
sales and purchase and effect
trading account if you don't do
it that purchase return direct
effect purchase account and
never know exact amount of
purchase.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / srinivas rao
Sales return comes in profit & loss account under income
head and purchase return comes in profi & loss account
under expenditure head
| Is This Answer Correct ? | 9 Yes | 12 No |
Answer / pradeep ojha (escorts)
sales return comes in liabilities and purchase return comes
in assets side.
| Is This Answer Correct ? | 1 Yes | 4 No |
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42. G.Simkins sends back stock to J.J. Fabrics (a supplier), having originally purchased it on Credit. J.J. fabrics issued a Credit note for the value of these goods. In simkins’ books, the double entry for this transaction should be. a) Debit : J.J. Fabrics; Credit purchases b) Debit : purchases; credit J.J. Fabrics c) Debit : J.J. Fabrics; credit purchase returns d) Debit: purchases returns; credit J.J Fabrics.
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