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Sales Return Book

State true or...

Question

State true or false: Journal entry for transfer of purchase return is - Purchase return a/c dr. To Trading A/c

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Solution

The given statement is True.

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Q. (Transfer Entries). Give the Journal entries for the following:
(i) Gross Profit of ₹ 32,000 from Trading Account to Profit and Loss Account.
(ii) Net Profit of ₹ 14,500 to Capital Account of Sri Sankar Saha.
(iii) Sri Sankar Saha draws ₹ 10,000 from his Capital Account.
(iv) Purchases Return of ₹ 7,000 plus IGST @ 12%.
(v) Sales Return of ₹ 6,000 plus CGST and SGST @ 6% each.

Q. Journal entry for transfer of Purchase return is -
Purchase return A/c Dr.
To Trading A/c

Q. Journal entry for transfer of Purchases is -
Trading A/c Dr.
To Purchases A/c

Q. Journal entry for transfer of direct expenses is __________.
Trading A/c Dr.
To Direct Expenses A/c

Q. Journal entry for transfer of closing stock is -
Closing Stock A/c Dr.
To Trading A/c

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