Is a refund a debit or credit in accounting?

Question added by Ahmed Saeed , Supply Chain and Purchasing Manager , Tuff Gear Ltd.
Date Posted: 2014/01/15

Upvote (0) Views (5) Followers (0) Answers (3) Report Question

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

2 side cuz it is a process

by 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

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

credit

Entries to revenues accounts such as Service Revenues are usually:
Top Answer: It depends on the nature of the transactions affecting the Revenue accounts. Generally we recognise reven ... See More

Answers (3)
When a company pays a bill, what will the account Cash be?
Top Answer: credited the entry would be as the following : Dr suppliers as an example Cr cash ... See More

Answers (5)
When cash is received, what will the account Cash be?
Top Answer: the cash account will be debited See More

Answers (6)
A _ balance is typical for Accounts Payable?
Top Answer: Credit balance. account payable have credit balances See More

Answers (2)

Do you need help in adding the right keywords to your CV? Let our CV writing experts help you.