yes return inward is a liability..therefore must be credited
sales ledger
Yes
ya
General Journal
yes return inward is a liability..therefore must be credited
sales ledger
Yes
ya
Credit note issued
General Journal
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....
[Debit] sales return [credit] cash / bank
return;orreturn ;PS: not function, statement!
[Debit] Sales Return account [Credit] Cash account
[Debit] Sales Return [Credit] Accounts receivable / Cash
36.6