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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Answer Posted / naresh
ans b) and c) Because
According to above information :-Simkin - AS A CUSTOMER &
J.J.Fabrisa - AS A SUPPLIER (Sundry Creditor)
Simkins' A/c 1) Purchase j.k.fabrics
Dr cr
2) Purchase Rtn J.K.Fabrics
cr dr
J.J.Fabrics A/c 1) Purchase A/c Simkin
cr dr
2) Purchase Rtn Simkin
dr cr
| Is This Answer Correct ? | 6 Yes | 0 No |
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