Interested to Buy Any Domain ? << Click Here >> for more details...
Answer Posted / pravin ninawe
Goods/Stock purchased or sold being returned is quite a common practice in business.
This may be on account of a number of reasons like defects in goods, quality not matching the requirement for which the buyer purchased it, the buyer not needing the stock, etc.
This happens both in case of goods purchased as well as goods sold by the organisation.
Where the goods sold are being returned we call it "Sales Returns" and where goods purchased are being returned we call it "Purchase Returns"
The transactions of return of goods are also accounting transactions and have to be recorded in the books of accounts just like any other accounting transaction.
| Is This Answer Correct ? | 0 Yes | 0 No |
Post New Answer View All Answers
Cheque rs 1400 received from Charles in settlement of a debit of rs 1500 returned dishonored
Explain me is any difference between inactive and dormant accounts?
One Institute, after completion of course not issue any certificate to students, they issued certificate from other branded institute with cost (Kindly provide the term of this expenditure to appear in P&L a/c)
Please give me as example of service tax & Vat Posting through Tally.
Do you know what is the importance of team work in this position?
What was the most difficult deal you had to close?
What is an operative accounts?
In Service tax Return ST-3 What is meaning of first Row (i) Service tax payable (a) Gross amount received in money (I) Against service provided Pls explain in detail
what is the last date of deposit TDS on liability for the assessment year 2010-11
HOW CAN WE CONVERT IN CFT TO A ROUND LOG??
what is the Differed Tax Liability & How it is calculate ?
what is the impact of bank garantee of rs 100000 on cash flow statement which has been expired...& impact on bank reconcilation statement
What does the investment of personal assets by the owner will do?
What is use of statistics in accounting?
What is the definition of accounting?
