could anyone help me with this??
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for a nominal ledger, one of the entryies is;<BR>Returned goods to T Braham £20<BR><BR>could anyone tell me which account i need two make the two double-entries into, ie. 4 account(2 credited and 2 debited)?????<BR><BR>any help would be good as i am new to the course<BR>
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could anyone help me with this??
Hi Cornish<BR><BR>I'm assuming the goods are being returned to a supplier??<BR><BR>If so<BR><BR>Credit purchases returns and Debit PL Control. Remember if there was originally any VAT element involved then you would have to also credit that amount to VAT.<BR><BR>Basically the amounts posted to purchases and vat (if any) will equal the same as the amount posted to PL Control. So any when goods are sent back the purchases returns and vat (if any) will equal the amount posted to PL Control to cancel it out.<BR><BR>Also, don't forget to debit the customers account in the subsidiary ledger for the full amount. This is not part of the double entry accounts so will have no effect in the main ledger, but needs to be accurate.<BR><BR>Tracy0 -
could anyone help me with this??
hi thanx but can u plz explain wat pl control is, as i am new this is a veri basic ledger accounts which i have to produce a trial balance for but the books dnt dont balane by £10. <BR><BR>It is returning goods back to a supplier who we had firstly bought the goods on credit from. so i am guessing this will affect the goods 4 resale, goods returned by us, creditors and another which i dnt no which one.0 -
could anyone help me with this??
The Purchases Control A/c is basically your Creditors account. It's a summary of all the supplier's a/cs.<BR><BR>mi|kshake~0 -
could anyone help me with this??
Its only 2 accounts - either Goods 4 Resale or Goods Returned. You dont use both.<BR><BR>So use Goods Returned and Creditors.<BR><BR>Later on you will see that you take the goods returned figure from the goods 4 resale, but not untill next year!!! <BR><BR>Amanda0