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No, return inwards is not a current asset. It is sales returns and comes on the debit side of profit and loss account. otherwise, lessened from the sales on credit side
Inward clearing refers to the checks drawn by a bank client on their account in favor of other parties. The accounts of the check issuer is debited to the account and the payment is made to the bank.
sales ledger
A contra purchase account
Debit the supplier Credit the Purchases Returns account
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.
No, return inwards is not a current asset. It is sales returns and comes on the debit side of profit and loss account. otherwise, lessened from the sales on credit side
wage inward is a direct expense shown in Trading Account whereas wage outward is an indirect nature of expense debited to Profit & loss account.
Inward clearing refers to the checks drawn by a bank client on their account in favor of other parties. The accounts of the check issuer is debited to the account and the payment is made to the bank.
sales ledger
A contra purchase account
Debit the supplier Credit the Purchases Returns account
This is the lowest level of measurement. It is basically used for identification.
Diameter of a sphere having the same volume as the particle
it is added to the cost of sales
An income account. Debit Returns & Allowances, Credit Cash.
That is correct. Sales and returns allowances is what is called a "Contra" account because it exists to reduce the net balance of an account. Sales is a credit account, so you debit sales returns and allowances in order to reduce your net sales.