Is a refund a debit or credit in accounting?

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Question ajoutée par Ahmed Saeed , Supply Chain and Purchasing Manager , Tuff Gear Ltd.
Date de publication: 2014/01/15

Apprécier (0) Vues (5) Suiveurs (0) Réponses (3) Report Question

par Ahmed Hamdy Mohamed Mohamed Mohamed , Assistant Financial Manager , El Shahd Contracting, Export and Import

2 side cuz it is a process

par mukkur srinivasan varadhan , Chartered Accountant , Chartered Accountant in practice

On Accrual:

Outgo refund:

concerned nominal account debit, The below corresponding relevant contra entry credit.

Inward refund:

concerned nominal account credit, The below corresponding relevant contra entry debit.

On payment:

If the refund involves outgo, credit in the bank / cash account.contra entry is debit.

If the refund is inward, debit in the bank / cash account.contra entry is credit

par Mohan Cherian , Senior Accountant , First Bateel General Trading & Contracting Co. (Al Roumi Group )

credit

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