How to prepare to return inwards book?

Banking & FinanceFinance ManagementGrowth & Empowerment

Let us consider two examples to learn how to prepare a return inwards book.

Example 1

Refer the transactions given below and prepare return inwards book.

  • On December 4 − X return goods worth of Rs.1000/- on which trader allowed a discount of 5% (credit note # 233).
  • On December 10 − Y allowed a reduction of Rs.1500/- (invoice issued earlier) (credit note #234)
  • On December 12 − Z return goods worth of Rs.1175/- (credit note # 235).
  • On December 20 − D was issued an invoice of Rs.2300/-, trader allowed a discount of 20%, after he pointed out a defect in goods for the same invoice (credit note #236)
  • On December 23 − goods worth 3000 were sold to A. Some of the goods were damaged in transit. Seller agreed to pay Rs.1200/- to A (credit note #237)

Solution

The return inward book for the above mentioned data is as follows −

Return inward book

DateName of customerCredit notefolioAmount
4/12/2010X233
950
10/12/2010Y234
1500
12/12/2010Z235
1175
20/12/2010D236
460
23/12/2010A237
1200
total5285

Example 2

Prepare a debit and credit notes for inward returns

On 5/2/2006 following goods are returned to XD & co by ADA store

  • 15 pieces of chair (cost per chair is Rs.150/-)
  • 20 pieces of tables (cost per table is Rs.125/-)

On 10/2/2006 following goods are returned to DF &Co by ADA store

  • 5 pieces of king size beds (cost of each bed is Rs.20000/-)

Solution

The solution is as follows −

Debit note

XD &Co
Address
GST No
Dr/Cr Note No: 23
Date - 5/2/2006
Debit/credit in account with ADA store
ParticularsAmount
15 pieces of chair (cost per chair is Rs.150/-)⇒ {15*150}2250
20 pieces of tables (cost per table is Rs.125/-)⇒ {20*125}2500

4750


Authorized signature

Credit note

DF &Co AddressGST No
Dr/Cr Note No: 24
Date : 10/2/2006
Debit/credit in account with ADA store
ParticularsAmount
5 pieces of king size beds (cost of each bed is Rs.20000/-) ⇒{20000*5}1000000

1000000


Authorized signature

Now, the next step is to prepare sales return book, which is as follows −

DateParticularsCredit/debit NoL.F.AMOUNT(RS)
5/2/2006XD & Co23
4750
10/2/2006DF & Co24
100000
total104750


raja
Published on 12-Jul-2021 12:46:03
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