Accounting ProcessQuestion 5017 of 84
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From the following transactions, prepare the Sales Return Book of Kay & Co. a readymade garments dealer: | Date | Particulars | | :--------- | 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Detailed Solution & Explanation

In the books of Kay & Co.
### Sales return book | Date | Particulars | Credit Note No. | Details | Amount | | :--- | :---------- | :-------------- | :-------------------------------- | -----: | | 6/12/24 | Aar Store | | 30 Shirts @ 300 /- per each | 9,000 | | | | | 15 Shirts @ 500 / - per each | 7,500 | | | | | | 16,500 | | | | | Less: Trade Discount @ 8% | (1,320) | | | | | | 15,180 | | 16/12/24 | Tulip Store | | 12 T-Shirts@ 100/ - per each | 1,200 | | | | | Less: Trade Discount @ 10% | (120) | | | | | | 1,080 | | | **TOTAL** | | | **16,260** | Note: Returns from Modern fashions on 12 Dec, 2024 arc assumed as returns in cash, since goods were sold in cash.
### UNIT – 6 (RECTIFICATION OF ERRORS)

About This Chapter: Accounting Process

Paper

Paper 1: Accounting

Weightage

25-30%

Key Topics

Journal, Ledger, Trial Balance, Cash Book, Rectification

This chapter covers Journal, Ledger, Trial Balance, Cash Book, Rectification and is part of Paper 1: Accounting in the CA Foundation exam.

View Official ICAI Syllabus

Exam Strategy Tip

This topic carries 25-30% weightage. Focus on understanding core concepts rather than memorizing.

Key Concepts to Understand

Trial Balance

A statement listing all ledger account balances at a specific date to verify the arithmetic accuracy of the double-entry bookkeeping system. It serves as the first step in preparing final accounts.

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