Purchase return is a key part of the processing bookkeeping transaction course and Accounting Trainees and Bookkeepers must know the procedures involved.
You are part way through the FREE processing bookkeeping transaction course and you should have read the pages listed below before reading this page:
Welcome to Accounting for Purchase Return.
You are now over half way through the course and I hope that you feel you are making real progress in your understanding of the Accounting System. In the previous chapter we looked at the documentation from suppliers such as the purchase invoice and credit note. In this chapter we are looking at accounting for purchase return.
It is important that the Accounting Trainee and Bookkeepers have a thorough understanding of:
Purchases day Book
Purchases Returns Day book
Purchases ledger control account
Purchases ledger (memorandum Accounts)
Analysed Purchases Day Book
You will appreciate that accounting for purchases and purchases returns is a very popular topic with Accounting and Bookkeeping examiners and I suggest that you learn the flow charts on pages 123 and 124 of your textbook.
Here is the links to Amazon for the books:
Now lets see what you know on accounting for purchases and purchase return -try the quiz below:
QUIZ: Accounting for Purchases and Purchase Return
Leaderboard for Accounting for Purchases and Purchase Returns1. Mohamed Finos-30 Points
2. Natallia-30 Points
3. -30 Points
4. -30 Points
5. MIH01-30 Points