What is purchase returnjournal?
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Purchases returns journal is a book in which goods returned to the supplier are recorded. This book is also known as returns outwards and purchases returns day book.
Goods once purchased on credit may subsequently be returned to the seller for certain reasons. For the buyer such return of goods to the supplier (seller) is know as purchases returns. The usual reasons for returning goods are:
Purchaser finds that the goods are unsatisfactory for some reasons, e.g. wrong color, wrong size, not according to the sample, not up to specification, not properly finished; damaged in transit, etc.
The purchaser is entitled by contract to return goods.
While returning goods buyer sends a "debit note" to the seller. The debit note contains the quantity of goods returned and reasons for return of goods. The buyer makes out two copies of debit note. One copy is retained and the other copy is sent to the seller along with goods. On the basis of the copy retained, the buyer records this transaction in his "purchases returns journal"
Goods once purchased on credit may subsequently be returned to the seller for certain reasons. For the buyer such return of goods to the supplier (seller) is know as purchases returns. The usual reasons for returning goods are:
Purchaser finds that the goods are unsatisfactory for some reasons, e.g. wrong color, wrong size, not according to the sample, not up to specification, not properly finished; damaged in transit, etc.
The purchaser is entitled by contract to return goods.
While returning goods buyer sends a "debit note" to the seller. The debit note contains the quantity of goods returned and reasons for return of goods. The buyer makes out two copies of debit note. One copy is retained and the other copy is sent to the seller along with goods. On the basis of the copy retained, the buyer records this transaction in his "purchases returns journal"
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