Under
double entry system, transactions are first of all
recorded in journal and thereafter posted to the
ledger. We already know that the "ledger" is the
main book of account and journal is subsidiary book.
Subsidiary book is a book which gives additional
help to a main book.
Purchases Journal: What is a purchases journal? What is the ruling
of a purchases journal? What is difference between
purchases journal and purchases account. Read this
article to find answers of these questions.
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When a
business supplies goods to a customer, an invoice is
made out. The top copy is sent to the purchaser who
records it in his purchase journal. The delivery of
the goods will new take place, but meanwhile the
seller who made out the invoice has to record the
transaction in his book.
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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, purchases returns day book.
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Sales returns journal is a book in which
seller records all the sales that have been returned
to him by his customers. Sales returns journal is
also known as returns inwards book and sales returns
day book.Click here to
continue reading.
Test your knowledge about sales journal, sales
returns journal, purchases journal and purchases
returns journal. fill in blanks and answer short
questions.
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