Sales return journal or sale return day book
When a business makes sales to customers, it’s possible that some customers will return the sold goods because of defects, substandard goods or any other reason. When a customer returns the sold goods, it is recorded in sales journal and from sales journal it is transferred to sales ledger account.
Sales journal is used to record the entries or transactions for sales return or return inward.
Simple double entry for credit sales:
Debit--> Sales return or return inward
Credit--> Debtor-Customer’s name/description
Date Column: is used to record the date of sales return
Credit note Column: is used to record the No. of Credit note issued
Customer Column: is used to record the name of customer that returns your goods
Folio Column: records reference to sales return ledger account
Amount Column: Amount of sales return
Record the following transactions of XYZ store in a sales return journal for the month of march, 2011
|March 1.||Returned goods by Mr. X worth $50 and credit note No. 342 was issued|
|March 21.||Mr. Y returned some goods due to defects worth $100 and issued Credit note No. 343|
|March 26.||Goods worth 150 were returned by Mr. Z, Credit note number: 344|
|March 30.||The defective goods of worth $222 were returned by Mr. G, invoice#345 issued|