Thursday, September 25, 2014

Sales Return Book

Sales return book is used to record all returns of goods by the customers to the business. The entries in the sales return book are usually on the basis of debit notes issued by the customers or credit notes issued to the customers.




From the following transactions of a trader Let us prepare the sales returns book and post it into ledger

DateAmount
January 8,2005Goods returned by Parker & Co.60
" 20Goods returned by Ideal Traders 72
" 31Allowance granted to Ramesh & Co., for short delivery110



Sales Return Book
DateParticularsD/NL.F.Amount $
January 8,2005Parker & Co.60
January 20Ideal Traders.72
January 31Allowance granted to Ramesh & Co., for short delivery110
Total : 242

Now the individual entries are posted in their respective Ledgers as shown below:

Dr
Sales Return Account
Cr
DateParticularsJ.FAmountDateParticularsJ.FAmount
January 31,2005By Sundries as per S.R.B242


Dr
Parker & Co's Account
Cr
DateParticularsJ.FAmountDateParticularsJ.FAmount



January 8,2005By Sales returns60


Dr
 Ideal Traders's Account
Cr
DateParticularsJ.FAmountDateParticularsJ.FAmount



January 20,2005By Sales returns72


Dr
Ramesh & Co's Account
Cr
DateParticularsJ.FAmountDateParticularsJ.FAmount



January 31,2005By Sales returns110


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