Page 62 - DCOM101_FINANCIAL_ACCOUNTING_I

Financial Accounting-I

Notes This transaction has got two different accounts viz Real A/c and Personal A/c:

L.F. ` `
Jan 11, 2006 Ganesh A/c Dr 10,000
To SaleA/c 10,000
Being credit sale made to Ganesh
6. Jan, 12, 2006 Goods returned to Mittal & Co ` 1,500.

Date Divisions of Transactions A/cs involved Golden Rule
Registration
Goods return- Movement Real A/c-Movement of the Credit what goes out
out- goods moving out of the goods-out of the fi rm – to the

firm – Returned-Purchase suppliers-due to improper
Return supply-Purchase Returns
Mittal &Co – Receiver of the Personal A/c-Mittal & Co is the Debit the receiver
Jan 12,2006
goods returned i.e., original receiver of the returned goods
supplier-Person of legal –out of purchase- to reduce the
relationship as well as future overall purchase amount from
relationship Mittal & Co
This transaction has got two different accounts viz Personal A/c and Real A/c:
L.F. ` `
Jan 12, 2006 Mittal & Co A/c Dr 1,500
To Purchase Return A/c Cr 1,500
(Being the goods returned to supplier Mittal &Co)
7. Jan 20,2006 Goods returned from Ganesh ` 2,000
Date Divisions of Transactions A/cs involved Golden Rule Registration
Goods Return from- Move- Real A/c- Movement In – Debit what comes in
ment In-Goods Return- Goods are received –Goods
Sales Return Return – One of the assets- by
the customer-Sales return
Ganesh&Co – Giver of the Personal A/c-Giver of the Credit the giver
Jan 20,2006
goods returned to the fi rm- goods – Sales return by
person of legal relationship Ganesh &Co-to account the
goods as well as reduce the
balance of early purchase

from our firm-Name of the
entity is earmarked –person
of representation as well as
future relationship
This transaction has got two different accounts viz Real A/c and Personal A/c
L.F. ` `
Jan 20,2006 Sales Return A/c Dr 2,000
To Ganesh & Co 2,000
Being sales return made by Ganesh &Co

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