Debit & Credit for Purchase & Sales Return
Goods worth Rs 1, 00, 000 were sold to Piyush on credit. He returned the goods of the value of Rs 50, 000. Whose account shall be credited & with what amount in this case?
Sales return account with Rs 50, 000
Piyush`s account with Rs 1, 00, 000
Piyush`s account with Rs 50, 000
Sales return account with Rs 1, 00, 000
- Debit side of Ram`s account
- Debit of Sales Return account
- Debit of Sales account
- Debit of bank account
Sales return account is always
Either A or B
None of the above
When goods are returned by customer, which account is debited?
Return of goods to the supplier should be credited to
Purchase Return Account
Khan bought goods worth Rs 5, 000 less 20% trade discount on credit from Aziz. Later he found out that out of these goods 50% are defective & hence he returned the same. How shall this transaction of return of goods appear in ledger of Aziz in the books of Khan ?
Debit of Rs 4, 000
Credit of Rs 5, 000
Credit of Rs 4, 000
Debit of Rs 2, 000
- purchase return
- sales return
What is the reason for the formation of lightning in a thunderstorm?
Accumulation of charges in clouds
Low presure at high altitude