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Q. What is sales allowance?
A sales allowance is a inference from the original invoiced sales price granted when the customer keeps the merchandise but is dissatisfied for any of a number of reasons including damage, inferior quality or deterioration in transit. When a seller agrees to the sales return or else sales allowance the seller sends the buyer a credit memorandum indicating a reduction (crediting) of the buyer's account receivable. The credit memorandum is a document that provides space for the name and address of the concerned parties followed by a space for the reason for the credit and the amount to be credited. A credit memorandum becomes the foundation for recording a sales return or a sales allowance.
Q. Illustrating the recording of sales returns? Following are two instances illustrating the recording of sales returns in the Sales Returns and Allowances account - Suppose
The measurement of expense Accountants measure largely assets used in operating a business by their historical costs. Consequently they measure a depreciation expense resulting fro
Q. What do you mean by Contingent liabilities? Contingent liabilities -- liabilities which are not recorded on a company's financial reports though whichmight become due. If a
Q. Common deductions from gross sales? Generally sales are for cash or on account when a sale is for cash the debit is to Cash and the credit is to Sales. While a sale is on ac
1. Whate are the challenges faced in trade and solutions those problems?
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Describe what journal entry pass in case of vat refundable and in case of vat payable? Ans) In case of vat payable: output vat Toinput vat To vat payable In case o
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