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?

Determine the net present value for the project, An investment project requ...

An investment project requires a net investment of $100,000. The project is expected to generate annual net cash inflows of $28,000 for the next 5 years. The firm's cost of capital

Tracing trust property-breach of law-trusts laws , Tracing trust property ...

Tracing trust property Apart from suing the trustee, in the event of a breach of trust, the beneficiary may follow the trust property and recover it from third parties, or the p

Illustration of maximum possible loss method-partnership, Illustration of m...

Illustration of maximum possible loss method A, B and C have been partners for several years, sharing profits and losses in the ratio 2:2:1. They decided to dissolve the firm o

Journal entry, Clemens Cars' job cost sheet for job A40 shows that the cost...

Clemens Cars' job cost sheet for job A40 shows that the cost to add security features to a car was $10,500. The car was delivered to the customer, who paid $14,900 in cash for the

Inflationary accounting, explain inflationary accounting

explain inflationary accounting

Calculate ß for the intercept-income and noncauc, For this question you wil...

For this question you will use the dataset "murder.xls", which includes: • rate = Murder rate per 100,000 • convictions = Number of convictions divided by number of murders • execu

Calculate the operating cash flow, You are evaluating a project which costs...

You are evaluating a project which costs $720,000, has a four-year life, and no salvage value. Depreciation is straight-line and the half year rule does not apply. Sales are projec

Provision for bad debts, A business had always made a provision for doubtfu...

A business had always made a provision for doubtful debts at the rate of 5% of debtors. On 1 January 2017 the provision for doubtful debts brought forward from the previous year wa

Average settlement period for trade receivables, what is the definition?

what is the definition?

Revenues and production budget, The assignment requires a significant part...

The assignment requires a significant part of the work to be done in a spreadsheet. I have not nominated any particular vendoar or any particular version. The choice is up to you,

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages