XYZ is a jewellery making Co. On 28 th of march a customer came and took 10 gold chains worth Rs 100,000 each and making a payment of Rs. 500,000. The customer will make a confirmation on 2 nd april that where he will be taking al the chains or not. If he does not like them he will be returning all the 10 pcs and will be taking a refund of his money. What will be the closing entries in the books of the company on 31st of March.
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Journal entries
Replies (1)
1. 28.03.2017 Bank A/c Dr . 500000
Customer A/c Dr. 500000
To Sale A/c 1000000
(Being jewellery sold on sale or return basis)
No entry will passed on 31st march.
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