Manmohan returns jobs

Question

Write an journal entry?

Manmohan returns goods

Answer 1

Can you please mention who is Menmohan. 

 

A buyer or the owner of the business.

 

In case Manmohan is a buyer who previously bought goods from the business and now returned them. The Journal entry in  the books of business will be 

 

Sales ..................................... Dr. 

    Cash / Accounts Receivable ...................Cr. 

 

At the same time inventory will be added back 

 

Inventory ............................Dr. 

   Cost of sales ...............................Cr. 

 

Let me know if Manmohan is the owner in that case i can tell you the entries for returns of good purchased.