Acc 202 Assignment JR send goods to its customers on sale or return basis the following transaction took place during 2024. # 15th Sept goods return by customer on sales return basis at cost plus 33 1/3% 100,000 20th oct goods return by customer 40,000 25th Nov received letter of approval from customer. 4000 31th dec goods with customers auditing approval. 20,000 JR record sales or Return transaction as ordinary sale. You are required to pass the necessary journal entry in the book of CE assuming that accounting year closes from 31st Dec, 2024. To be submitted on Monday.

The problem asks for journal entries in the books of CE, who is a customer of JR. JR sends goods on a "sale or return" basis but records them as ordinary sales. For CE (the customer), goods received on a "sale or return" basis are generally not recorded as a purchase until CE signifies acceptance. Therefore, CE will only make journal entries when goods are approved or accepted.

Here are the necessary journal entries in the books of CE:

Step 1: Analyze the transaction on 15th September.
"goods return by customer on sales return basis at cost plus 33 1/3% 100,000"
This means CE returned goods