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When some purchased supplies are returned back to suppliers due to some problem in supplies or due to any defect these returns are charged to purchase returns account and reduction in actual purchases.
Wiki User
∙ 10y ago
Wiki User
∙ 11y agopurchase returns is mean to the product you bought and not satisfy with the quality or damage and then you return to the dealer.
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What is a purchase returns day book?
purchase return book it for the returns outwars.
How do parches returns in tally9?
how do purchase returns in tally9
What do you debit and credit for purchase returns?
Debit the supplier Credit the Purchases Returns account
What are the books of account kept by small companies?
Purchase bk, purchase returns, sales, sales returns, cash, bill receivable and bill payable
What is the journal entry for purchase returns?
[Debit] Purchase Return [Credit] Purchases
Is purchase returns an asset or liability?
purchase return is assets or liability or expense
Journal entry for purchase returns?
Debit cash / bank / accounts payableCredit purchases returns
What is the journal entry for purchases returns of inventory?
Debit accounts payable / bankCredit purchase returns
What type of account is purchase returns?
credit card
Account type of purchase returns and allowances?
debit
What is the journal entry for purchase return goods on credit?
debit accounts payablecredit purchase returns
Is purchase returns an expense or income?
it is neither an expense nor an income
