returns of stock

Question 1

in purchase return what accounts are involved, and which is credit/debit?

Answer 1

creditors control : debit
stock control : credit

Question 2

narration for purchase return?

Answer 2

quantity of stock, stock name, reason of return, source document number

Question 3

effect on accounting equation? (purchase return)

Answer 3

asset : decrease
liabilities : decrease
owners equity : no effect

Question 4

what accounts are involved in sales return, which is credit/debit?

Answer 4

sales return : debit
debtors control : credit
stock control : debit
cost of sales : credit

Question 5

effect in the accounting equation? (sales return)

Answer 5

assets : decrease
liabilities : no effect
owners equity : decrease

Question 6

effect on income statement? (sales return)

Answer 6

under revenue : less sales return
under less cost of goods sold : cos