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??
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
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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