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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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