Hi,
Aruna here can any one help in this case in a busniess one customer has come and purchased some material worth of 10k now the next day he comes to the stores n he is the first customer he returns all the materials purchased he demands for immediate cash
how do u treat this transaction??
First day book cash sale in book of accounts of the business and other day pay cash to the customer by debiting Sales Return and credit to cash
accounting entry for ur above query
cash Dr
to sales
( Being cash sales made)
sales return dr
to cash
( Being cash paid to customer in pursuance of return of material)
regards,
ratan
Abic and Mani Chartered Accountants
Kottayam
B.Com
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