Dear Members,
How to book Sales returnin current FA year which is sold in previous or its previous FA year?
Example: -
In FA 2009-10, We have booked sale od Rs. 5000 and its COGS was Rs. 3000. And customer returned complete goods in FA 2011-12. What are the entry / Entries needs to be passed to adjust sales return transaction.
| Originally posted by : rajesh keshri | ||
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1st we have to increase the stock of such goods in current yr n such sale return to be treated as prior period item |
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Dear Sir,
Thanks for reply..
Can u elaborate on , what would be the accounting entries..?
CAclubindia
