Adjusting Entry for these Accounting statements?, Financial Accounting

Assignment Help:

In June 2012 Company has supplied some goods to a customer on a sale on return basis. The value of the goods was Rs. 120,000. The company recorded this transaction as credit sale, and as a result of this transaction a profit of Rs. 30,000 was earned by the company. However, the customer returned all goods in fine condition in July 2012.
What will be the adjusting entry and how it will affect Income statement and balance sheet?

Related Discussions:- Adjusting Entry for these Accounting statements?

Conclusion on overtrading, Q. Conclusion on Overtrading? The majority o...

Q. Conclusion on Overtrading? The majority of the evidence suggests that our company is moving into an overtrading situation, although the evidence is not conclusive. Current p

Assignment, 2000

2000

Required: prepare journal entries for the above transactions, Sleek Ride, a...

Sleek Ride, a company providing limo services, has a December 31 year-end date. For Sleek Ride, the following transactions occurred during the ?rst 10 days of June: a. Purchased, o

What is capital gain, Q. What is Capital Gain? Capital Gain - Portion o...

Q. What is Capital Gain? Capital Gain - Portion of total GAIN recognized on the sale or exchange of a no inventoryasset that isn't taxed as ORDINARY INCOME. Capital gains have

Prepare the journal entries, Prepare the journal entries required to record...

Prepare the journal entries required to record the following transactions of a nongovernment, not-for-profit organization. 1. Unrestricted cash contributions received durin

Show the change in equity, A parent has had a controlling interest of 60% i...

A parent has had a controlling interest of 60% in its subsidiary for a number of years. Below are financial statement extracts of the two companies for the year ended 30 June 20

Preference share capital in subsidiary-group accounts, Preference share cap...

Preference share capital in subsidiary (irredeemable) Investment in preference shares does not lead to ownership and therefore, if the holding company owns part of the preference

Acc 400, d. Prepare the summary journal entry required to transfer finished...

d. Prepare the summary journal entry required to transfer finished component kits from the Cutting Department to the Finishing Department in January. e. Compute the total cost assi

The market value of a bond, The market value of a bond is equal to: The pre...

The market value of a bond is equal to: The present value of all future cash payments provided by a bond The present value of all future interest payments provided by a bond The pr

Protective Trusts-secret trusts-trusts laws and accounts, PROTECTIVE TRUSTS...

PROTECTIVE TRUSTS The income of property may be settled on such terms as to restrict its availability to creditors of the beneficiary in the following ways: (a) Determinable

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages