Accounting Treatment for Sales Return received.

This query is : Resolved

Shefali Bajpai (Querist)
Follow

28 March 2009 The closing Stock as on 31.03.08 was ascertained as physically counted. Thereafter sale retrun is received after 31.03.08 pertaining to sales made in the year 07-08.

An accountant adjusted the Sales Return against the Opening Stock of 1.04.08 however I am of the view that the Sales return should be adjusted against Closing STock Figure as on 31.03.08.

Pls. advie the correct treatment for Sales Return.

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
Follow

28 March 2009 when you came to know at that time only you can record sales return and not before that...
and correct entry for it is not adjusting the opening stock but to deduct it from the sales figure

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

GOVIND VAJIRAJ DESAI

Ramulu Thakkalapally

RAVINDRA JOSHI

cgagroshg cgagroshg

velichety.l.narasimharao

Subscribe Now

Accounting Treatment for Sales Return received.

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANCY

Accountant

Manager- Finance and Compliance

Senior Executive

GST CONSULTANT

CA Final