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Returns inwards and credit note Sometimes we will agree to customers returning goods to us. This might be for reasons such as the following: -Goods.

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Presentation on theme: "Returns inwards and credit note Sometimes we will agree to customers returning goods to us. This might be for reasons such as the following: -Goods."— Presentation transcript:

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3 Returns inwards and credit note Sometimes we will agree to customers returning goods to us. This might be for reasons such as the following: -Goods were of the wrong type. -They were of the wrong colour. -Goods were faulty. -Customer had bought more than necessary. Returns inwards Credit note Credit note is a document received by a customer,showing allowance given by a supplier in respect of unsatisfactory goods.

4 Returns inwards journal Returns Inwards journal Sales Ledger Customer’s Account Debit Credit XXX General Ledger Returns inwards Account Debit Credit XXX Total only to Returns Inwards Account Each credit note posted separately

5 Example: 2004 Jun 10 Goods returned to us by: A.Sin $12 ; C.Chung $17 Jun 24 Goods returned to us by S.Tin $5 The following balances were outstanding by debtors on 31May A.Sin $188 C.Chung $88 S.Tin $118 The following transactions took place during June 2004:

6 Date 2004 DetailsFolioAmount $ Returns Inwards Journal Sales Ledger 2004 $ Jun 1 Bal b/d $ Jun 10 Returns 12 Inwards 2004 $ Jun 1 Bal b/d $ Jun 10 Returns 17 Inwards 2004 $ Jun 1 Bal b/d $ Jun 24 Returns 5 Inwards General Ledger A.Sin 1 C.Chung 2 S.Tin $ Jun30 Returns for 34 the month Returns Inwards 1

7 After doing the example, I think you will know more about Returns Inwards Journal. Next page will have a simple exercise.I hope you will learn how to do it. Go!Go!Go!

8 Exercise: The following balances were outstanding by debtors on 30April C.Chen $56 K.Kwoon $145 K.Wing $89 The following transactions took place during May 2004: 2006 May 14 Goods returned to us by: C.Chen $5 ;K.Kwoon $11; May 24 Goods returned to us by K.Wing $14

9 Returns Inwards Journal Date 2006 DetailsFolioAmount $ Answer: Sales Ledger 2006 $ May 1 Bal b/d $ May 14 Returns 5 Inwards 2006 $ May 1 Bal b/d $ May 14 Returns 11 Inwards C.Chen 1 K.Kwoon $ May 1 Bal b/d $ May24 Returns 14 Inwards K.Wing 3 General Ledger 2006 $ May30 Returns for 30 the month Returns Inwards 1

10 Do you finish this Exercise? I think you must know how to do it and get a good result.If not, never mind.Just practice more and you will improve actually.

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