what is , Purchase & Sales Return?
Answers were Sorted based on User's Feedback
Answer / h.r. sreepada bhagi
Purchase Return - Goods purchased earlier returned to the
Supplier. Supplier needs to return the value of the goods
returned or supply some other goods or replacement for the
goods received to settle the account of the purchaser
(Business Unit/Firm/Company).
Sales Return - Goods sold earlier returned by the customer
(buyer). Seller needs to refund the money to the customer or
supply some other products or replace the returned products
with new ones to settle the account of the buyer(Business
Unit/Firm/Company).
Is This Answer Correct ? | 14 Yes | 0 No |
Answer / pravin ninawe
Goods/Stock purchased or sold being returned is quite a common practice in business.
This may be on account of a number of reasons like defects in goods, quality not matching the requirement for which the buyer purchased it, the buyer not needing the stock, etc.
This happens both in case of goods purchased as well as goods sold by the organisation.
Where the goods sold are being returned we call it "Sales Returns" and where goods purchased are being returned we call it "Purchase Returns"
The transactions of return of goods are also accounting transactions and have to be recorded in the books of accounts just like any other accounting transaction.
Is This Answer Correct ? | 0 Yes | 0 No |
what is casual receipt? is it exmpted in income tax?
what is turn over? what is vat? what should ido to become a expert in acount? plese ans me
HI EVERYONE I WANT TO KNOW, CAN WE ISSUE DEBIT NOTE OR CREDIT NOTE AGAINST STOCK TRANSFER , IF WE ISSUE OR NOT ISSUED THENY WHY PLZ EXPLAIN
Tell me what is the equation for acid-test ratio in accounting?
what is the realtime work and process on provident fund(pf) as accountant?
One Institute, after completion of course not issue any certificate to students, they issued certificate from other branded institute with cost (Kindly provide the term of this expenditure to appear in P&L a/c)
what is the mean of ABC analysis ?
what are the limitations of accounting ratios?
why you change the company?
what wll i do to remove my fairs facing for interviewee?
what is mean by paidup capital.?
purchased books rs.50000 and paper 25000