0
yes return inward is a liability..therefore must be credited
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
Is return inward a current liability?
Yes
Is return inward credited in trial balance?
ya
What is the other name for sales return or return inward?
Credit note issued
Is purchase returns an asset or liability?
purchase return is assets or liability or expense
What does it mean a married couple filing a joint tax return has joint and several liability for the taxes associated with the return?
It means that they have joint liability as a couple and also individual liability, so that each one can be charged separately.
Is return inward a current liability?
Yes
Is return inward credited in trial balance?
ya
What is the other name for sales return or return inward?
Credit note issued
Is purchase returns an asset or liability?
purchase return is assets or liability or expense
What is difference between return inward and return outward?
Inward return is directly proportional to the outward clearing where funds crediting into customers account i.e;inflow of funds into customers account and cheque return due to reason for eg insufficient funds or say cheque stopped by the drawer etc.... Outward return is directly proportional to the inward clearing where funds are debiting from the drawee or payee account i.e;outflow of funds from customers account and cheque return due to reason insufficient funds or say cheque stopped etc....
What does it mean a married couple filing a joint tax return has joint and several liability for the taxes associated with the return?
It means that they have joint liability as a couple and also individual liability, so that each one can be charged separately.
Is a sales return and allowances a liability?
Sales returns and allowances is not a liability rather these are expenses or reduction in actual sales
What is an accountants liability if he falsifies information on a tax return?
nothing
What is return inwards?
a customer may return goods to the business. these goods are known as sales return or return inward.
What is inward and outward returns?
Returns inward: Faulty or wrong goods that the customers return back to business Returns outward: Faulty or wrong goods that business returns back to supplier.
When outward current and inward current are equal?
A: The answer is always. What goes out of a source of power the same power will return
Is owners capital a liability?
Yes owners capital is liability for businss towards its owners to be return back at the even of liquidation of business.
