INTERVIEW QUESTIONS ACCOUNTING PROCESS SUBSIDIARY BOOKS DETAILS

Question: How do you change fiscal year in Asset Accounting?

Answer: (b) Credit Note
Description: In the books of a business the customers account has a debit balance. Entry at the time of sale is:
Customer's A/c Dr.
To Sales A/c
When goods are returned by a customer his account is to be credited in the books of the business. To signify this fact, a credit note is sent to the customer indicating that his account has been credited.

(b) Credit Note
Description: In the books of a business the customers account has a debit balance. Entry at the time of sale is:
Customer's A/c Dr.
To Sales A/c
When goods are returned by a customer his account is to be credited in the books of the business. To signify this fact, a credit note is sent to the customer indicating that his account has been credited. Source: CoolInterview.com

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