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Salea return

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Salea return

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  • January 8, 2019 at 5:50 pm #500395
    dilawarkhandk
    Member
    • Topics: 21
    • Replies: 28
    • ☆

    Hello sir,
    Sir please tell me that whether goods return in january related to the previous year is adjusting event or not, year end is december,.? Do we net the previous year sales or adjust the current year sales

    January 9, 2019 at 8:51 am #500437
    John Moffat
    Keymaster
    • Topics: 56
    • Replies: 51909
    • ☆☆☆☆☆

    What do you mean by ‘related to the previous year’? I assume that you mean that the goods were purchased the previous year, but were then returned in the current year.

    This is not an adjusting event – there is no reason why it should be.

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