3 From the following prepare purchase book and purchase returns book in the books account of Gujarat Traders : 2018 Jan. 1 Goods purchased of 1,00,000 at 5 % trade discount from Punjab Stores. 3 Goods purchased of * 60,000 on Credit of 1 month from Maharashtra Store Trade discount 10 %, bill no. 330. 10 Goods purchased of 750,000 from Kerala Stores on credit and 50 % is paid immediately. 1 17 goods is returned to Maharashtra Stores. Along with debit note no. 43 of appropria amount is sent. 21 Goods purchased of 7 40,000 at 10 % trade discount from Rajasthan Stores. Rajast. Stores has sent invoice no. 160 after adding 5 % GST and labour 400. 25 Goods purchased of 50,000 on credit from Uttar Pradesh Stores. Credit peria is of 2 months and trade discount is 10 %. Bill no. 380. 29 Out of total goods purchased from Uttar Pradesh Stores, 30 % goods is retume! Along with goods debit note 44 is sent. 30 An order of goods purchased of 80,000 at 10 % trade discount is placed to Madh, Pradesh Stores. 31 Goods of 30,000 purchased at 10 % trade discount and 5 % cash discount on cast from Haryana Stores.
Answers
Answer:
130 ACCOUNTANCY
Notes
PURCHASES AND SALES BOOK
In the previous chapters you have learnt that journal can be classified into various
special journals/books and journal proper. These special journals/books are also
known as special purpose books. In this lesson you will learn about various types of
special journals/books such as Purchases Book, Purchase Returns Book, Sales
Book, and Sale Returns Book. A business can divide its journals into many more
books according to requirement, if the number of business transactions of similar
nature are quite large and repetitive in nature.
After studying this lesson you will be able to :
• understand the meaning of Purchases Book and Purchases Returns Book;
• prepare Purchases Book and Purchases Returns Book;
• understand the meaning of Sales Book and Sales Returns Book and
• prepare Sales Book and Sales Returns Book
9.1 MEANING OF PURCHASES BOOK AND
PURCHASES RETURNS BOOK
If your firm deals in purchasing of goods on credit involving large number of
transactions, it will be convenient to maintain Purchases Book as a journal of original
entry for recording all transactions of goods purchased on credit by your firm.
Transactions related to purchasing good by cash are not recorded in Purchases
Book, these are recorded in Cash Book. Similarly, any credit purchases of items
which are not related to resale as goods will also not be recorded in the Purchases
Book, these are recorded in Journal Proper.
When the goods are purchased on credit, an invoice/bill issued by the supplier, is
received. Such invoice/bill contains detailed information related to transaction such
as details of items purchased, list price, various discounts if any, various applicable
charges, net amount payable, terms and conditions, date and serial number of
invoice/ bill etc. Thus, necessary information required for recording into Purchases
9
OBJECTIVES
MODULE - II
Journal and Other
Subsidiary Books
Explanation:
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