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What is the journal entry purchase return in the books of
Purchase
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Answer Posted / waqas abrar
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 ? | 11 Yes | 3 No |
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AT THE TIME OF REDEMPTION OF DEBENTURES. WHEN THERE IS PROFIT/LOSS ON SALE OF DEBENTURES WE TRANSFER THAT AMOUNT IN PROFIT AND LOSS A/C BUT WHEN WE CANCEL OUR DEBENTURES AFTER BUYING IT FROM OPEN MARKET THE DIFFERENCE BETWEEN MARKET VALUE AND COST OF DEBENTURES TRANSFER TO "CAPITAL RESERVE ACCOUNT .. WHY SO ANY PRACTICAL ANSWER ??
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