SUBSIDIARY BOOKS CONTD.
Hey
Guys Welcome, hope you tried out what we learnt on your own? The key to being
the best is practice, so practice as much as you can. Today we are going to
continue from where we stopped Yesterday.
RETURNS INWARD JOURNAL.
It
is otherwise called SALES RETURN JOURNAL, and is used to record goods
previously sold but later returned to the supplier or seller by the customer,
for wrong color, wrong type, inferior quality or breakage. In the Ledger the
Returns inwards account is debited, while the customer’s account is credited. I
t looks like this.
Date
|
Particulars
|
F
|
Details
|
Total
|
RETURNS OUTWARD JOURNAL.
It
is otherwise called PURCHASES RETURN JOURNAL, and is used to record goods
returned to the supplier by a seller as a result of one reason or the other,
like damages to the goods etc. In the
