What is purchase returns?

Anonymous

∙ 13y ago

Updated: 8/16/2019

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

∙ 12y ago

What else can I help you with?

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

What type of account is Purchases returns and allowances?

A contra purchase account