Purchase Returns Book Format
Previously, we studied about Purchase Book Format , but here will we will particularly study about Purchase Returns Book and its format. It is to be noted that Only Credit Purchases are recorded in this book because Cash Purchases are recorded in Cash Book , so Purchase Return Book is the example of Special Journal . You Can Also Read Out, “ Sales Returns Book Format ” When the goods purchased by the buyer on credit basis finds that some goods are not according to the order specified or goods are damaged or are in unsatisfactory conditions, etc, then he Debit the Supplier or Accounts Payable Account and returned the goods by sending a Debit N ote to the supplier mentioning the reasons of returning. Purchase Return Journal Entry Example:- Mr. A purchased 5 Fans for Rs. 50000 (10000 each) from Mr. B (Supplier). At the time of delivery, he found that 1 fan is not in good condition, then he debit the account of Supplier and credit ...