In june 2012 company has supplied some goods to a customer, Ask an Expert

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In June 2012 Company has supplied some goods to a customer on a sale on return basis. The value of the goods was Rs. 120,000. The company recorded this transaction as credit sale, and as a result of this transaction a profit of Rs. 30,000 was earned by the company. However, the customer returned all goods in fine condition in July 2012.
What will be the adjusting entry and how it will affect Income statement and balance sheet?

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M9546368

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