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Categories >> Accounting >> Accounting AllOther
 
 


 

 
 Audit interview questions  Audit Interview Questions (428)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (158)
 Taxation interview questions  Taxation Interview Questions (1900)
 Accounting General interview questions  Accounting General Interview Questions (2815)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4365)
Question
WHAT IS THE JOURNAL ENTRY  PURCHASE RETURN IN THE BOOKS OF 
PURCHASE & SELLER
 Question Submitted By :: Accounting-AllOther
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
Entry for Purchase Return (Credit Note )

Dr Sales Return
Cr XXX ( Party name )

Entry for Sales Return (Debit Note)
Dr XXX (Party Name)
Cr Purchase Return
 
Is This Answer Correct ?    56 Yes 23 No
Rajesh
 
Answer
# 2
in purchaser or trader books

supplier a/c dr

to purchase returns

in seller or suplier

sales return a/c dr
to trader a/c
 
Is This Answer Correct ?    34 Yes 2 No
Narasimha Rao
 
 
 
Answer
# 3
For purchase
purchases a/c dr
to seller a/c
in the books of seller
purchaser a/c dr
to sales a/c
 
Is This Answer Correct ?    63 Yes 34 No
Ravichandra
 
Answer
# 4
In the Purchase Book:
Debit the Vendor xx
Credit the Purchase Return

In the Sales Book:
Debit the sales Return
Credit the Customer xx
 
Is This Answer Correct ?    34 Yes 6 No
Hanumantha
 
Answer
# 5
Supplier A/c Dr xxxxx
To Purchase Returns A/C xxxx
or ( Post the item of Accounts Ledger)

( Narration : Purchase of Inv.No: XXXXX / DT XXXXX Total
Qty 100 Return to Qty 50 @ Rs. xxxxx Ref : Return Inv.no:
xxxx/Dt xxxxx)


Sales Return A/C Dr xxxxx
To Seller A/C xxxxx
 
Is This Answer Correct ?    21 Yes 1 No
Sai
 
Answer
# 6
Purchase Return:
Vendor A/c Dr
To Purchases A/c Cr

Sales Return:
Sales A/c Dr
Buyer A/c Cr
 
Is This Answer Correct ?    27 Yes 13 No
Kris
 
Answer
# 7
Most of fellas have made many mistakes. Its quite simple
mates !!!

Payable Control A/c : Dr XXX
Purchase Returns A/C: Cr XXX

Sales Return A/C: : Dr XXX
Receivable A/C : Cr XXX

Receivable and Payable ledgers are not part of double entry
system. The cumulative totals are posted to nominal ledger.
Whereas in ledger accounts we make each and every entry in
customer or supplier account.

Cheerio

Waqas Abrar
waqas_abrar893@yahoo.com
 
Is This Answer Correct ?    9 Yes 2 No
Waqas Abrar
 
Answer
# 8
Creditors A/c...............Dr. xxx
To Purchse return/ Return outward a/c /xxx

(Being amount of purchase of Rs.xxx, returned for damage to the creditors)
 
Is This Answer Correct ?    9 Yes 2 No
Bijoy Ghosh
 
Answer
# 9
purchase:

a/c receivable dr
purchase return cr

sales:
sales return dr
a/c receivable cr
 
Is This Answer Correct ?    11 Yes 9 No
Mushtaq Ahmed
 
Answer
# 10
it is a
supplier a/c dr/..
to.purchase returns a/c
 
Is This Answer Correct ?    1 Yes 1 No
Pandugade
 

 
 
 
Other Accounting AllOther Interview Questions
 
  Question Asked @ Answers
 
Why Closing Stock Not shown in Trial Balance?   19
what is the finallizition account   1
What are liabilities   3
what is the journal entry for bad debts? Infosys 32
what is meaning of SOP.   3
what is debit card? n what is credit card? if it is a debit card what will be a transaction in personal account and if it is a credit card what will be the tranction in personal account   1
What is operating cycle? Capital-IQ 7
Expand ------UNDP   1
Choose the right answer Maximum allowable interest on housing loan on self occupied property is 1.30000/- 2.100000/- 3.150000/-   5
Expand---------EDBC   1
GAP Stand for Genpact 11
Explain NAFCO?   2
 
For more Accounting AllOther Interview Questions Click Here 
 
 
 
 
 


   
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