The document shows double-entry bookkeeping entries for a transaction involving the sale of a product with a right of return. On April 1, 2016 a product was sold for Rs. 6,000 but Rs. 1,500 was recorded as a refund liability since the customer had a right to return. On May 1, 2016 the customer returned the product for Rs. 1,050, reducing the refund liability and asset accounts.
The document shows double-entry bookkeeping entries for a transaction involving the sale of a product with a right of return. On April 1, 2016 a product was sold for Rs. 6,000 but Rs. 1,500 was recorded as a refund liability since the customer had a right to return. On May 1, 2016 the customer returned the product for Rs. 1,050, reducing the refund liability and asset accounts.
The document shows double-entry bookkeeping entries for a transaction involving the sale of a product with a right of return. On April 1, 2016 a product was sold for Rs. 6,000 but Rs. 1,500 was recorded as a refund liability since the customer had a right to return. On May 1, 2016 the customer returned the product for Rs. 1,050, reducing the refund liability and asset accounts.