Interested to Buy Any Domain ? << Click Here >> for more details...
what is , Purchase & Sales Return?
- 2 Answers
- 6069 Views
- EDS, I also Faced
- E-Mail Answers
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 |
Particulars Dr Cr Capital 10,000 Machinery 3000 debit 2500 1400 sales - 14,500 drawings 900 purchase 9500 wages 5000 bank 1500 Opening balance 2000 rent 450 salary 200 carriage 150 total ___________ _________ 25,900 25,900 ____________ ________ how to find closing stock as on 31st dec,1998. wages outstanding 200/- sunnery expenses outstanding 100/- rent prepaid 100/-
DIFFERNCE BETWEEN RESERVE AND FUND?
Is there any significance between Bank Reconciliation and Account Reconciliation in Accounts?
How to define employee as supplier
6. Your grandfather is 75 years old. He has total savings of Rs.80,000. He expects that he live for another 10 years and will like to spend his savings by then. He places his savings into a bank account earning 10 per cent annually. He will draw equal amount each year- the first withdrawal occurring one year from now in such a way that his account balance becomes zero at the end of 10 years. How much will be his annual withdrawal?
define capital rationing!
what is differnce between balance sheet of a bank & a company
0 Answers Banking, Standard Chartered,
What is a Bluechip Company?
2 Answers State Bank Of India SBI,
ABC LTD IMPORTED GOODS FROM USA FOR $20000 ON 1/1/11 AT A EXCHANGE RATE OF RS.47.55. THEY MADE A PAYMENT OF $12000 ON 15/1/11 AT A RATE OF RS.45.95. BALANCE PAYMENT WAS MADE ON 25/1/11 AT A RATE OF RS.49.10
Difference between Accounting Concepts and Conventions
Does paid up capital include Advace against Capital or Calls in Advance for calculating Networth of A company
What all are the documents need to check for a supplier payment?
Audit 
