Mr Rouse's Online Classroom

Beyond Chalk: Education Innovation

Returns of Stock: Sales Returns

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SALES RETURNS

On 24 July, 2010 a customer returned another faulty toaster to Wantirna Electrical. The customer B. Brown, purchased the item on account and was charged $99 including GST for the toaster and wanted a full refund.

Use the stock card from the previous example to complete this transaction. 

Stock Card

Stock Item: Toaster                                        Location:

Stock Code:                                                     Supplier: Burnt Bread Manufacturing

Date Details

IN

OUT

BALANCE

Qty Cost Value Qty Cost Value Qty Cost Value
Jun 1 Balance 54 50 2700

General Journal

Date Details General Ledger Subsidiary Ledger

Wantirna Electrical – General Ledger

Stock Control (A)

Date

Cross Reference

$

Date

Cross Reference

$

Jul 1 Balance 24,000
  

Debtors Control (A)

Date

Cross Reference

$

Date

Cross Reference

$

Jul 1 Balance 8,560
    

GST Clearing (A/L)

Date

Cross Reference

$

Date

Cross Reference

$

  

Sales Returns (-R)

Date

Cross Reference

$

Date

Cross Reference

$

Wantirna Electrical – Debtors Subsidiary Ledger 

Debtor – B Brown

Date

Cross Reference

$

Date

Cross Reference

$

Jul 1 Balance 1,200
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