28 March 2009
The closing Stock as on 31.03.08 was ascertained as physically counted. Thereafter sale retrun is received after 31.03.08 pertaining to sales made in the year 07-08.
An accountant adjusted the Sales Return against the Opening Stock of 1.04.08 however I am of the view that the Sales return should be adjusted against Closing STock Figure as on 31.03.08.
Pls. advie the correct treatment for Sales Return.
28 March 2009
when you came to know at that time only you can record sales return and not before that... and correct entry for it is not adjusting the opening stock but to deduct it from the sales figure
CAclubindia
