Question
What is a Purchases Return Book? Give its specimen.
✓
Answer
Purchases Return Book or Returns Outward Book is a subsidiary book maintained to record the goods or materials returned to the sellers of goods that were purchased on credit.Ruling of a Purchases Return Book is similar to the Purchases Book ruling except that instead of a column for 'Invoice No.' it has a column for Debit Note No.
Need a full question paper?
Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.
Explore more
Similar questions
Put the following on the proper side of Cash Account, Debtors's Account and Creditor's Account:
| (₹) | ||
| a. | Sold goods to Shankar on Credit | 50,000 |
| b. | Sold goods to Ghanshyam for Cash | 30,000 |
| c. | Purchased goods from Mohan on Credit | 25,000 |
| d. | Received from Shankar | 29,000 |
| e. | Shankar returned goods | 1,000 |
| f. | Sold goods to Shankar for Cash | 5,000 |
| g. | Returned goods to Mohan | 2,000 |
| h. | Paid Rent | 4,000 |
Open a 'T' shape account of creditor, 'Rakesh', and write the following transactions on the proper side:
|
S.No
|
|
₹
|
|
i
|
Goods purchased from Rakesh on credit
|
50,000
|
|
ii
|
Goods returned to Rakesh for
|
5,000
|
|
iii
|
Paid to Rakesh
|
20,000
|
|
iv
|
Purchase goods from Rakesh on credit
|
10,000
|
Do you agree that a Sales Book is used to record invoices issued to customers in respect of goods sold on credit and not cash? Give reasons.
Put the following on the proper side of Cash Account, Debtors's Account and Creditor's Account:
| (₹) | ||
| a. | Sold goods to Shankar on Credit | 50,000 |
| b. | Sold goods to Ghanshyam for Cash | 30,000 |
| c. | Purchased goods from Mohan on Credit | 25,000 |
| d. | Received from Shankar | 29,000 |
| e. | Shankar returned goods | 1,000 |
| f. | Sold goods to Shankar for Cash | 5,000 |
| g. | Returned goods to Mohan | 2,000 |
| h. | Paid Rent | 4,000 |
Why is the accrual basis of accounting better than the cash basis of accounting?
Fill in the missing figures, assuming CGST @ SGST @ 6%:
Show the effect of the following transactions and also prepare a Balance Sheet:
- Started business with cash ₹ 60,000.
- Rent received ₹ 2,000.
- Accrued interest ₹ 500.
- Commission received in advance ₹ 1,000.
- Amount withdrawn ₹ 5,000.
Prepare a proforma of Petty Cash Book with imaginary figures?
Enter the following transactions in the Journal of Manohar Lal & Sons:
|
2019
|
|
₹
|
|
March 1
|
Manohar Lal & Sons started business with cash
|
60,000
|
|
March 2
|
Purchased furniture for cash
|
10,000
|
|
March 4
|
Purchased goods for cash
|
25,000
|
|
March 5
|
Bought goods from Kamlesh
|
15,000
|
|
March 10
|
Paid cash to Kamlesh
|
15,000
|
|
March 16
|
Purchased goods from Sohan
|
6,000
|
|
March 18
|
Purchased goods from Sohan for cash
|
8,000
|
|
March 20
|
Paid rent for the office
|
1,000
|
Give any three points distinguishing between a journal and a ledger ?