SALES RETURN BOOK OR RETURNS INWARD BOOK
SALES RETURN BOOK OR RETURNS INWARD BOOK
Sales Return
Book or Returns Inward Book is a subsidiary book maintained to record the goods
or materials returned by the purchaser that had been sold on credit. This book
is maintained if the return of goods is frequent otherwise it can be recorded
in the Journal.
A Credit Note is prepared when goods are returned by the purchaser and on
its basis entry is recorded in the Sales Return Book, i.e., value of sales and
GST (IGST or CGST and SGST) charged.
Credit Note
is a document evidencing that a credit entry has been made to the account of
the debtor.
Credit
Note is prepared in duplicate,
original copy is sent to the customer while one copy is retained for record. A
specimen of a Credit Note is as follows:
Question: Prepare Sales Return Book in the
Books of Lal & Co., Delhi from the following transactions:
6.4.2019 Goods
returned by Ganga Prashad & Co., Delhi:
2 Table Fans @ 1,000
each
Less: Trade Discount
15%
Add: CGST and SGST @ 6% each
April
12. Prabhat Electricals, Agra
returned defective Room Cooler 4,250 plus IGST @ 12%.
Solution: SALES RETURN
BOOK
|
Date |
Particulars |
Credit Note No. |
L.F. |
Details ₹ |
Value ₹ |
Output CGST |
Output SGST ₹ |
Output IGST ₹ |
Total ₹ |
|
2018 April 6 April 12 April 30 |
Ganga Prashad & Co., Delhi 2 Table fans @ ₹1,000 each Less: Trade Discount @ 15% Add: CGST @ 6% SGST @ 6% |
|
|
2,000 300 |
1,700 4,250 |
102 |
102 |
510 |
1,904 4,760 |
|
1,700 |
|||||||||
|
102 102 |
|||||||||
|
Prabhat Electricals, Agra 1 Room Cooler Add: IGST @ 12% |
1,904 |
||||||||
|
4,250 510 |
|||||||||
|
4,760 |
|||||||||
|
|
5,950 |
102 |
102 |
510 |
6,664 |
Demo Video for Accounts (CA/CMA/CS/B.Com) by CA/CMA Santosh Kumar Sir:https://www.conceptonlineclasses.com/demovideos
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#SALESRETURNBOOKORRETURNSINWARDBOOK
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