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Hello.
I have question about example 1 from chapter 16 in the lecture note.
I don’t know why I should debit 300 for refunds to cutomer and how to deal with refunding.
Thank you for providing good lectures and study material.Have a great day.
Have you watched the second of the two free lectures on control accounts, because I go through this example and explain about refunds?
(You should not use the notes without the lectures – it is in the lectures where we explain and expand on the notes.)A refund is simply a repayment of cash. When a customer pays us cash the entry is Dr Cash Cr Receivables. If we repay (refund) cash for any reason (such as, for example, they overpaid) then it is the reverse – Dr Receivables Cr Cash
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