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2 side cuz it is a process
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
credit
