for instance if I bought some cosmetic items from Chandras beauty products worth of RS .35,000 on that some products are damaged Rs.5,000...
now I want to know what is the entry for purchase return in our books of account?? and also Ledger
Give me a purchase return and sales return entry ?
1)First entry for purchase
Purchase A/c Dr. 35000
To Chandra's Beauty products A/c Cr 35000
( purchase of beauty products)
2)second entry purchase return , assuming that you have return product of rs 5000
Chandra's Beauty products A/c Dr 5000
To Purchase return A/c Cr 5000
( Being damaged beauty products return )
create three ledgers 1) purchase A/c 2) Trade Creditors A/c 3) Purchase return A/c
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Sales returns entry in the books of supplier, who Sold product to you
Sales returns A/c Dr 5000
To Trade Debtors A/c Cr 5000
( Being sold beauty products return)
CAclubindia
