Home › CBSE Class 11 (Commerce) › Accountancy › Financial Statements of Sole Proprietorship › Goods returned by customers to the firm are call…
Goods returned by customers to the firm are called what?
AReturn outwards
BReturn inwards
CCarriage inwards
DNet purchases
Answer & Solution
Correct answer: B. Return inwards
Sales returned by customers are return inwards and are deducted from sales to get net sales.
Related questions
Why is the government interested in a business's profitability?A trial balance lists wages, salaries, rent and bad debts. Which is the only direct expensEntries not recorded in any special book go into which book?Where are all credit sales recorded?Which book records all cash and bank transactions?If total debits and credits in the trial balance agree, what is assumed?What is the basic objective of preparing financial statements?For managers, financial statements work like what?