Abstract
It has already been established that, during the course of business, goods are returned. The two ledger accounts which are concerned with the returning of goods are the returns inwards account and the returns outwards account. Any balances remaining on these accounts will need to be transferred to the trading account in order to calculate the net purchases and net sales figures.
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© 1989 Margaret Nicholson
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Nicholson, M. (1989). Further Trading and Profit and Loss Accounts. In: Accounting Skills. Palgrave, London. https://doi.org/10.1007/978-1-349-10853-4_20
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DOI: https://doi.org/10.1007/978-1-349-10853-4_20
Publisher Name: Palgrave, London
Print ISBN: 978-0-333-49156-0
Online ISBN: 978-1-349-10853-4
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