"SALES RETURN" IN ACCOUNTS. BASIC ACCOUNTING TERMS.
"SALES RETURN" IN ACCOUNTS. BASIC ACCOUNTING TERMS.
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00:00Hello guys, this is Sonia Setia, your accounts and equity tutor.
00:04Basic accounting terms we were doing class 11th accounts.
00:07Number 16, we have sales return.
00:09When we sell things, if the purchaser returns some things to us,
00:14then what will become for us?
00:16Sales return and return inward.
00:18What will be the journal entry?
00:20Suppose if we sold Ashutosh for 20,000,
00:23then Ashutosh account debit to sales account 20,000.
00:27Because Ashutosh has become our debtor.
00:30We have sold on credit, so to sales account.
00:33There is sales revenue, so we credited.
00:35What is going to be for sales return?
00:37Ashutosh return goods of Rs. 5000.
00:40Suppose Ashutosh returned the goods of Rs. 5000 from it.
00:44So sales return account debit.
00:46We reversed the sales.
00:48Rs. 5000 came, we will debit it.
00:50Or things are coming back in your business, so we debited.
00:54To Ashutosh account.
00:56Ashutosh was our debtor from Rs. 20,000.
00:58Now we have reduced that debtor from Rs. 5000.