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Sale return
old in a financial year received back in another fin year then what should be treatment of that return?? e.g. if goods are sold on 25 march 2013 it will appear in the sale in trading and p & l a/c of 2012-13. if such goods received back on 10 April 2013 then what should be treatment of that sale return and when should be journal entry of that sale return.
Replies (1)
if Sales were in cash then entry of sales return will be sal ret a/c dr ,To cash/bank a/c.
while if sales were in credit then sls ret dr To debtors A/c.
though it is previous year's sls return its should be accounted in same way as it is current year return & lastly at the end of yr trf into trding a/c & Presentation shown as Sales- sls rtrn =net sales
or shown in the dr side of trading a/c.
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