In other words, contra revenue is a deduction from gross revenue, which results in net revenue. The sales allowance shows the discounts given to customers when returning the product. Let’s consider a fictional example of a small retail business called “GadgetHub” to illustrate the use of a contra expense account in financial accounting. From the …
- April 15, 2022
- Bookkeeping
- Comments Off on Purchases Ledger Control Accounts Cambridge CIE O Level Accounting Revision Notes 2021
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