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Sales Returns and Allowances is a contra income account.
Sales Returns and Allowances are contra revenue accounts because they reduce that total amount of sales. [Sales-Sales returns and allowances=Net sales]. They are reported on the income statement.
net sales
A voucher must be an accurate representation of a trips itinerary, expenses, and daily allowances.
A voucher must be an accurate representation of a trips itinerary, expenses, and daily allowances.
allowances during transfer
People claim certain allowances called benefits.
An income account. Debit Returns & Allowances, Credit Cash.
Sales Returns and Allowances is a contra income account.
1.House rent 2.medical 3.conveyance 4.helper allowances 5.Academic allowances
Debit: Sales Returns & Allowances Credit: Accounts Receivable :)
Sales returns and allowances is not a liability rather these are expenses or reduction in actual sales
What are the recommended daily allowances based on a 1500 calorie diet
RDA (Recommended Daily Allowances)
Sales Returns and Allowances are contra revenue accounts because they reduce that total amount of sales. [Sales-Sales returns and allowances=Net sales]. They are reported on the income statement.
One would think that you could claim as many allowances as are legitimate.
For capital allowances purposes, the balance of expenditure in respect of which capital allowances have not yet been claimed.