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?

Accounts, the salaries paid in 2004 is rs. 500000 salaries outstanding is r...

the salaries paid in 2004 is rs. 500000 salaries outstanding is rs.20000 salaries paid in advance for 2004 is rs 30000 what is the actual salary expenditure for 2004?

Find market and alpha and beta values, a. Find five comparables for Bank of...

a. Find five comparables for Bank of America (BAC) b. Find the CEO of BAC and five comparable companies, For BAC and all firms, find: c. Market value, alpha and beta (pric

Subsidiary company consolidation, Circumstances under which a subsidiary c...

Circumstances under which a subsidiary company can be excluded from consolidation Consolidated financial statements shall include all subsidiaries of the parent A parent need

Minority interest-group accounts, Minority interest (MI) When the holding...

Minority interest (MI) When the holding company owns less than 100% of the ordinary share capital of the subsidiary company then the other balance is held by minority interest. T

IAS 40, Hi I am doing my thesis on IAS 40 and I''m sort of stuck with find...

Hi I am doing my thesis on IAS 40 and I''m sort of stuck with finding information. I need to find positive and negative international critique on the standard

Fund flow, Fund flow Math problem and solution.

Fund flow Math problem and solution.

What is permanent negotiating machinery, Q. What is Permanent Negotiating M...

Q. What is Permanent Negotiating Machinery? Two Federation of Union All Indian Railway men's federation (AIRF) & National Federation of Indian Railway (NFIR) men have been reco

Identify the reportable business segments, Juniper Ltd is a listed diversif...

Juniper Ltd is a listed diversified company. In preparing its financial statements in accordance with AASB 8, the chief operating officer has identified three operating segments:

Great adventures problem 5-1, Tony and Suzie are ready to expand Great Adve...

Tony and Suzie are ready to expand Great Adventures even further in 2019. Tony believes that many groups in the community (for example, Boy Scouts, church groups, civic groups, and

Financial statements, journal entries

journal entries

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages