sales return

A/c entries 461 views 2 replies

Sumit

Student

45 Points Joined March 2009

Interstate sale of Goods were made by a company in feb,2010 but the debtor rejected some part of goods and issued a invoice of goods return in April,2011. So can u pls tell me what accounting entries are required to be made in books regarding sales return & CST in FY 10-11 or in FY 11-12 ??

Replies (2)

U S Sharma

glidor@gmail.com

21068 Points Joined January 2010

better to book in previous year ( in the year of sale)and keep the goods as " stock in transit", as carry forward of such return goods will generate multiple queries in every respect of taxation.