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Forums › ACCA Forums › General ACCA Forums › Sales Returns Day Book
Could you please help me the following? Which one is correct?
Sales returns day book – Returns of goods sold on credit
OR
Sales returns day book- Returnes of goods sold (Both cash and credit)
has to be both cash and credit. coz the principle is to account for net sales.
sales is total cash n credit sales
sales returns is accounting for both sales credit or cash while in credit sales you will crediting the customer a/c & cash a/c in cash sales