"SALES RETURN" IN ACCOUNTS. BASIC ACCOUNTING TERMS.

Transcript

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.