Journal entry for Goods returned
This query is : Resolved
11 July 2010
What is the journal entry for goods returned back to the creditor?
11 July 2010
1.Sundry Creditor Dr 100
Purchase Cr 100
2. Purchase Dr 100
Inventory Cr 100
Purchase Cr 100
2. Purchase Dr 100
Inventory Cr 100
11 July 2010
Ms Sukanya Ramakrishnan is correct.Reverse the first entry passed. ie., Debit purchase, credit to creditor. When goods returned back reverse the same.
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