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?

What should be the basic earnings per share, Information concerning the cap...

Information concerning the capital structure of Piper Corporation is as follows: December 31, 2011 2010 Common stock 150,000 shares 150,000 shares Convertible preferred stock 15,00

Income statement-group accounts, Normal 0 false false false...

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4

Asking price, The price stages are that at which sellers recruit securities...

The price stages are that at which sellers recruit securities to borrowers.

Illustration of accounting treatment of deferred tax, Illustration of Accou...

Illustration of Accounting treatment of deferred tax A Ltd., bought an item of plant at a cost of £100,000 in year 2000. The estimated useful life of the plant was 5 years and

Accounting objectives, Accounting objectives Accounting has two main ob...

Accounting objectives Accounting has two main objectives: To assist control over the assets and liabilities, and the income and expenditure of the enterprise; and To

Horizontial and Vertical Analysis, #qUsing these data from the comparative ...

#qUsing these data from the comparative balance sheet of Junior Company, perform horizontal analysis. JUNIOR COMPANY

What do you understand by partnership, Q. What do you understand by Partner...

Q. What do you understand by Partnership? Partnership - Relationship between two or more persons based on anoral, written or implied agreement whereby they agree to carry on a

Abraham maslow''s hierarchy of needs theory, Motivation is said to be an in...

Motivation is said to be an internal state that energises an individual to engage in certain types of behaviours. This process is triggered when the individual experiences certain

Break-even ebit, Break-Even EBIT: Rolston Corporation is comparing two ...

Break-Even EBIT: Rolston Corporation is comparing two different capital structures, an all-equity plan (Plan I) and a levered plan (Plan II). Under Plan I, Rolston would have 1

Balance Sheet, What is the function of balance sheet

What is the function of balance sheet

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages