Cash sales returns

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annefoth
annefoth Registered Posts: 39
in Bookkeeping Transactions
How are cash sale returns and cash purchase returns shown in the general ledger
also for any sale or purchase where payment is made and then subsequently returned how would this show on the general ledger

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  • mcchoc
    mcchoc Registered, Tutor Posts: 59 Regular contributor ⭐
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    Cash Sale Return: Credit Bank - Debit Sales Returns

    Cash Purchase Return: Debit Bank - Credit Purchase Returns.

  • annefoth
    annefoth Registered Posts: 39
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    Thanks
    Sorry to be obtuse but would that be taking into account payment made or received
    How would the refund made or received be shown in the ledger?
  • milescpareview
    milescpareview Registered Posts: 19
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    The following are the entries for sale and purchase returns:

    1) Sales Return:

    Sales Return a/c....Dr
    To Bank/Cash a/c

    2) Purchase Return:

    Bank/Cash a/c...Dr
    To Purchase Return
    Miles Education

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