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Who were the foreign travellers who visited India during medieval period and they returns account?
Wiki User
∙ 11y ago
i dont know lol
Wiki User
∙ 11y ago
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What type of account is Purchases returns and allowances?
A contra purchase account
What do you debit and credit for purchase returns?
Debit the supplier Credit the Purchases Returns account
What is sales returns and allowances classified as?
An income account. Debit Returns & Allowances, Credit Cash.
Does sales returns and allowances have a normal debit balance?
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.
What are the uses of PAN card?
A PAN card is a personal account number. It is needed to file tax returns, open a new bank account, get a new telephone, purchase foreign currency, make some high bank deposits, to purchase and sale of properties or vehicles.
Account type of purchase returns and allowances?
debit
What type of account is purchase returns?
credit card
What kind of an account are sales return and allowances?
Sales Returns and Allowances is a contra income account.
What are the job duties for a tax accoutant?
the job duties for a tax account is assits taxpayer,provides data for tax returns the job duties for a tax account is assits taxpayer,provides data for tax returns the job duties for a tax account is assits taxpayer,provides data for tax returns
Does sales returns and allowances have normal credit balance?
No sales returns and allowances has debit balance as a normal balance because these accounts are contra to actual sales account and that's why account balance is reverse of actual sales account.
How should a return of merchandise purchased on account be recorded?
As a debit to the accounts payable account and a credit to the purchases returns and allowances account
Is sales return an income account?
Yes, sales returns does appear in the income statement:Revenues:Sales 250,000less Sales returns 25,000
