Your SlideShare is downloading. ×
0
Sales/Purchase Returns from the stock card point of view
Sales/Purchase Returns from the stock card point of view
Sales/Purchase Returns from the stock card point of view
Sales/Purchase Returns from the stock card point of view
Sales/Purchase Returns from the stock card point of view
Sales/Purchase Returns from the stock card point of view
Sales/Purchase Returns from the stock card point of view
Sales/Purchase Returns from the stock card point of view
Sales/Purchase Returns from the stock card point of view
Sales/Purchase Returns from the stock card point of view
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Sales/Purchase Returns from the stock card point of view

2,511

Published on

This presentation has been put together for VCE Accounting students studying purchase and sales returns. It shows they are accounted for in the stock cards.

This presentation has been put together for VCE Accounting students studying purchase and sales returns. It shows they are accounted for in the stock cards.

Published in: Education, Technology, Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
2,511
On Slideshare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
17
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. Purchase/Sales Returns<br />From the Stock Card Point of View<br />
  • 2. Impact on ledger accounts<br />Purchase Returns<br />↓ Creditors Control (liability)<br />↓ Stock Control (asset)<br />↑ gst clearing (liability)<br />
  • 3. Sales Returns<br />↓ Sales (revenue) dr sales return<br />↓ Debtors Control (current asset) cr<br />↓ GST Liability (current liability) dr<br />↑ Stock Control (current asset) dr<br />↓ Cost of Sales (decrease expense) cr<br />
  • 4. The Stock Card<br />Impact of Purchase Return <br />Electro TVs had a balance of 5 digital TV sets on July 1st<br />July 2nd Purchased 10 TV sets at $900 each plus $90 gst Inv 54<br />July 3rd Sold 4 TV sets for $2000 plus gst $200 each Rec 145<br />July 4th Returned 2 TV faulty TV sets Credit note 5<br />
  • 5. Electro TVs had a balance of 5 digital TV sets on July 1st cost price $800 plus $80 gst each<br />July 2nd Purchased 10 TV sets at $900 each plus $90 gst Inv 54<br />July 3rd Sold 4 TV sets for $2000 plus gst $200 each Rec 145<br />July 4th Returned 2 TV faulty TV sets Credit note 5<br />
  • 6. What it looks like?<br />7200<br />
  • 7. What about the sales return?<br />Digital TVs <br />had opening balance of 1 digital TV at cost price $800 plus $80 gst, 8 TVs at $900 plus gst $90 on Aug 1<br />Sales of 4 TV sets for $2000 each plus gst $200 on Aug 2 Rec 46<br />2 TV sets were returned as they were faulty Credit note 64<br />
  • 8. Opening balance of 1 digital TV at cost price $800 plus $80 gst, 8 TVs at $900 plus gst $90 on Aug 1Sales of 4 TV sets for $2000 each plus gst $200 on Aug 2 Rec 462 TV sets were returned as they were faulty Credit note 64<br />
  • 9.
  • 10. This Week......<br />You are expected to <br />Finish the summary questions p 311<br />Copy the ledger account p 306 in a Word document<br />Complete practical exercises 15.1, 15.2, 15.4, 15.5, 15.7, 15.9, 15.11, 15.12, 15.13, 15.15, 15.16<br />Read chapter 16<br />Complete summary questions p 327<br />Commence practical exs16.1, 16.2<br />

×