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Goods returned to creditors are recorded in which subsidiary book and why?

Asked by Topperlearning User 11th July 2016, 4:49 PM
Answered by Expert
Answer:

Purchases return book is a subsidiary book which records goods returned to the supplier (i.e. creditors) and which had been purchased on credit. Purchases return book does not record return of goods purchased on cash nor does it record the return of any assets purchased. A debit note is issued to the supplier (i.e. creditors) when goods purchased are returned to them. It is the basis (i.e. source document) for recording an entry in purchase return book. Therefore, goods returned to creditors are recorded in purchase return book.

Answered by Expert 11th July 2016, 6:49 PM
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