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Corporate Practice bd |
Sales Return Journal Entry-(Corporate Accounting)
A Sales Return Journal Entry is used to record the return of goods sold to customers. When goods are returned, the company needs to reverse the revenue previously recorded and recognize the return in its accounting records.
Table of contents:
1. 10 card-bd Yarn sales return from-Jordan Fabrics, because of Low quality of Yarn.
2. Journal Entry for Return of Goods to Inventory
3. Yarn replacement sales to -Jordan Fabrics, because of Low quality of Yarn.
4. Journal Entry for replacement of Goods from Inventory
Voucher No. 01
10 card-bd Yarn sales return from-Jordan Fabrics, because of Low quality of Yarn:
|
Ledger Name |
Debit (TK) |
Credit (TK) |
Remarks |
|
10 card-bd sales of yarn |
***** |
|
|
|
Jordan Fabrics-TD |
|
***** |
|
Narration:
Yarn sales return from-Jordan Fabrics, because of Low quality of Yarn
Voucher No. 02
Journal Entry for Return of Goods to Inventory:
|
Ledger Name |
Debit (TK) |
Credit (TK) |
Remarks |
|
Inventory Account |
***** |
|
|
|
Cost of Goods Sold (COGS) |
|
***** |
|
Narration:Yarn sales return from-Jordan Fabrics, because of Low quality of Yar
Voucher No. 03
20 cd-bd replacement sales instead of “10 card-bd” to -Jordan Fabrics LTD:
|
Ledger Name |
Debit (TK) |
Credit (TK) |
Remarks |
|
Jordan Fabrics LTD -TD |
***** |
|
|
|
20 cd-bd sales of yarn |
|
***** |
|
Narration:
20 cd-bd replacement sales instead of 10 card-bd to -Jordan Fabrics LTD
Voucher No. 04
Journal Entry for replacement of Goods from Inventory:
|
Ledger Name |
Debit (TK) |
Credit (TK) |
Remarks |
|
Cost of Goods Sold (COGS) |
***** |
|
|
|
Inventory Account |
|
***** |
|
Narration:
20 cd-bd replacement sales instead of 10 card-bd to -Jordan Fabrics LTD