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SS1: FINANCIAL ACCOUNTING - 1ST TERM

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  1. Introduction to Booking Keeping and Accounting | Week 1
    9 Topics
    |
    1 Quiz
  2. Introduction to Books of Account | Week 2
    5 Topics
    |
    1 Quiz
  3. Subsidiary Books of Account I | Week 3
    4 Topics
    |
    1 Quiz
  4. Subsidiary Books of Account II | Week 4
    4 Topics
    |
    1 Quiz
  5. Principles of Double Entry Book Keeping | Week 5
    1 Topic
    |
    1 Quiz
  6. Cash Book | Week 6
    6 Topics
    |
    1 Quiz
  7. Petty Cash Book | Week 7
    1 Topic
    |
    1 Quiz



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The Return Inward Day Book or Journal is used to record goods previously sold but later returned by the customers to the business.

Goods may be returned as a result of inferior quality or damaged in transit. The transactions recorded are taken from credit notes issued to the customer. This book is also known as “Sales Return Journal”.

Procedure:
(i) Return Inward books is entered immediately goods are returned.
(ii) The Return Inwards account in the general ledger is debited.
(iii) The Customer account is credited.

Format of Return Inward Day Book or Journal:

Screenshot 2022 07 21 at 12.58.57

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