What are the journal entries for sales returns and purchase returns?

Question

Accepted Answer

Journal entries for sales return and purchase return.

Sales return journal entry: Debit Sales Returns and Credit Accounts Receivable/Accounts Payable.
Purchase return journal entry: Debit Accounts Payable and Credit Purchase Returns.

Accepted Answer

Auditing is an independent examination of financial statements to obtain the reasonable assurance that the financial statements are free from material misstatements and it reflects true and fare information.
Different types of depreciation methods:
1. Straight line method
2. Written down value method
3. No. Of units based method
4. Sum of years digits method
5. Sinking fund method.

Journal entries:
1. Depreciation a/c Dr
       To Fixed asset a/c
2. P&L 
     To depreciation.

Accepted Answer

Debit sales return account and credit debtor account
Creditor account debited and credit purchase return account.

Accepted Answer

About my career background, internship done. Questions related to accounts, cash flow statement etc My understanding about the role and organisation. Future goals

Accepted Answer

Sales returns a/c dr

Receivable cr

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What are the journal entries for sales returns and purchase returns?

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