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Sales returns is not an expense on IS..

Forums › ACCA Forums › ACCA FA Financial Accounting Forums › Sales returns is not an expense on IS..

  • This topic has 1 reply, 2 voices, and was last updated 12 years ago by Vipin .
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    Posts
  • February 5, 2013 at 12:24 pm #114848
    soar
    Member
    • Topics: 20
    • Replies: 35
    • ☆☆

    My Kaplan F3 book doesnt include any year end adjustments (YEA) for sales returns and sales.. but then neither does it inlcude sales returns as an expense, it simply deducts it from sales revenue on the Income Statement.

    So should this be considered a YEA or not?
    ie are the YEA entries made?
    dr Sales Revenue
    cr Returns In

    Thanks.

    February 6, 2013 at 5:16 am #114907
    Vipin
    Member
    • Topics: 151
    • Replies: 374
    • ☆☆☆☆

    sales is an credit entry and the same sale is returned they have to deduct the previous entry and to do that they debit the sales return.

    for eg.

    jun 1 sales 1000
    jun 2 sales 700
    jun 3 sales 500
    jun 7 sales return 1000
    jun 10 sales 900

    the entry in sales revenue account will be

    cr sales 1000
    cr sales 700
    cr sales 500
    dr sales 1000
    cr sales 900

    it is not an year end adjustment.

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