Query :
If a business entity sells some goods in year 2001 and after 3 years, the goods are returned as they were defected.
How should the same be recorded after 3 years ,i.e, in year 2004, in the books of accounts in the following two conditions,
1 ) The defects are regular in nature
2) The defects are not regular and sales returns are not there.
Statute of limitation is envoked & i dont think it is permisible. even if it is then normal journal entry should be passed
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