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What type of ...

Question

What type of transaction is recorded in the sales return book?

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Solution

A sales return book records transactions where goods or items are returned by the customers and those items or goods were purchased on credit by the customer.

Also read:

Cash Book

Purchase Book

Sales Book and Sales Return Book

Cash Flow Statement

Ledger in Accounting

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Q. Following transactions were recorded in the books of Darshan Traders:−

2017
March 1	Sold to Chandra Light House :−
	50 Tubelights @ ₹ 60 each Less : 20%
	20 Heaters @ ₹120 each Less : 25%
5	Purchased from Charat Ram Electric Co. :−
	25 Table Fans @ ₹ 600 each
	20 Ceiling Fans @ ₹800 each
10	Chaudhary & Sons purchased from us :−
	80 Dozen Bulbs @ ₹ 90 per Dozen
12	Purchased from Ram Lal & Sons one Typewriter for ₹ 6,000 on credit, for office use.
16	Sri Ram & Sons sold to us :−
	10 Electric Irons @ ₹ 180 each less : 10%
20	Chandra Light House returned :−
	5 Tubelights sold on March 1.
22	Sold goods to Jai Bhagwan & Co. for cash ₹ 10,000.
25	Returned to Sri Ram & Sons 2 Electric Irons purchased on March 16.

You are required to prepare (i) Purchase Book; (ii) Sales Book; (iii) Purchase Return Book, and (iv) Sales Return Book.

Q. Answer in one sentence only :

State the source document require for recording transactions in sales return book.

Rectify the following errors:

(a)	Credit Sales to Mohan Rs 7,000 were recorded in purchases book.
(b)	Credit Purchases from Rohan Rs 900 were recorded in sales book.
(c)	Goods returned to Rakesh Rs 4,000 were recorded in the sales return book.
(d)	Goods returned from Mahesh Rs 1,000 were recorded in purchases return book.
(e)	Goods returned from Nahesh Rs 2,000 were recorded in purchases book.

Q. Enter the following transactions in the Sales Return Book of Raj Computers, Delhi:

2018
July 1	Sohan & Sons returned 2 Laptops HP sold @ ₹ 40,000 each plus CGST and SGST @ 6% each
July 2	Ramesh & Sons, Noida returned 2 'Ricoh' printers sold @ ₹ 10,000 each plus IGST @ 12%
July 25	Dinesh, Chandigarh returned 10 HP Desktops sold @ ₹ 20,000 each plus IGST @ 12% for delayed supply
July 26	Computer Mouse returned by Ravi, Delhi sold to him for cash ₹ 2,000 plus CGST and SGST @ 6% each

Write up the Ledger Accounts.

Rectify the following errors assuming that suspense account was opened.

Ascertain the difference in trial balance.

(a)	Credit sales to Mohan Rs 7,000 were recorded in Purchase Book. However, Mohan’s account was correctly debited.
(b)	Credit purchases from Rohan Rs 9,000 were recorded in sales book. However, Rohan’s account was correctly credited.
(c)	Goods returned to Rakesh Rs 4,000 were recorded in sales return book. However, Rakesh’s account was correctly debited.
(d)	Goods returned from Mahesh Rs 1,000 were recorded through purchases return book. However, Mahesh’s account was correctly credited.
(e)	Goods returned to Naresh Rs 2,000 were recorded through purchases book. However, Naresh’s account was correctly debited.

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