LedgerThe returns day books Returns Returns
Ledger
The returns day books Returns Returns Returns Credit Note Debit Note Returns Inwards Day Book Returns Outwards Day Book Sales Ledger (Debtor Account) General Ledger (Returns inwards account) General Ledger (Returns outwards account) Purchases Ledger (Creditor Account) Exercise: Sales returns from customers AB ?1,000; CD ?2,000 Purchases returns to suppliers EF ?1,000; GH ?2,000 Prepare Returns Inwards Journal and Returns Outwards Journal & the double entry ledgers. 1 BA101 – FA1 – Lecture 8 _____________________________________________________________________________________________ 1.1. Statement of account shows: ? The amount owing at start of month ? The amount of each sales invoice sent to the debtor during the month ? Credit notes sent to the debtor in the month ? Cash and cheque received from the debtor during the month ? The amount due from the debtor at the end of the month 1.2. Sales and purchase via credit cards Sale of items via credit card Dr Credit card company Cr Sales Receipt of money from credit card company Dr Bank Cr Credit card company Commission charged by credit card company Dr Sales expenses Cr Credit card company 2