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Principles. of. Accounts. Returns. Inwards. Journal. Returns inwards and credit note. Returns inwards. Sometimes we will agree to customers returning goods to us . This might be for reasons such as the following: -Goods were of the wrong type. -They were of the wrong colour. - PowerPoint PPT Presentation
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Returns inwards and credit note
Sometimes we will agree to customers returning goods to us .This might be for reasons such as the following:-Goods were of the wrong type.-They were of the wrong colour.-Goods were faulty.-Customer had bought more than necessary.
Returns inwards
Credit noteCredit note is a document received by a customer,showing allowance given by a supplier in respect of unsatisfactory goods.
Returns inwards journal
Returns Inwards journal
Sales Ledger
Customer’s Account
Debit Credit
XXX
General Ledger
Returns inwards Account
Debit Credit
XXX
Total only to Returns Inwards Account
Each credit note posted separately
Example:
2004
Jun 10 Goods returned to us by: A.Sin $12 ; C.Chung $17
Jun 24 Goods returned to us by S.Tin $5
The following balances were outstanding by debtors on
31May 2004.
A.Sin $188 C.Chung $88 S.Tin $118
The following transactions took place during June 2004:
Date
2004
Details Folio Amount
$
Returns Inwards Journal
Sales Ledger
2004 $
Jun 1 Bal b/d 188
2004 $
Jun 10 Returns 12
Inwards
2004 $
Jun 1 Bal b/d 88
2004 $
Jun 10 Returns 17
Inwards
2004 $
Jun 1 Bal b/d 118
2004 $
Jun 24 Returns 5
Inwards
General Ledger
A.Sin 1 C.Chung 2
S.Tin 3
2004 $
Jun30 Returns for 34 the month
Returns Inwards 1
After doing the example, I think you will know more about Returns Inwards Journal.
Next page will have a simple exercise.I hope you will learn how to do it.
Go!Go!Go!
Exercise:The following balances were outstanding by debtors on
30April 2006.
C.Chen $56 K.Kwoon $145 K.Wing $89
The following transactions took place during May 2004:
2006
May 14 Goods returned to us by: C.Chen $5 ;K.Kwoon $11;
May 24 Goods returned to us by K.Wing $14
Returns Inwards JournalDate
2006
Details Folio Amount
$
Answer:
Sales Ledger
2006 $
May 1 Bal b/d 56
2006 $
May 14 Returns 5
Inwards
2006 $
May 1 Bal b/d 145
2006 $
May 14 Returns 11
Inwards
C.Chen 1 K.Kwoon 2
2006 $
May 1 Bal b/d 89
2006 $
May24 Returns 14
Inwards
K.Wing 3General Ledger
2006 $
May30 Returns for 30 the month
Returns Inwards 1
Do you finish this Exercise?
I think you must know how to do it and get a good result.If not, never mind.Just practice more and you will improve actually.
