This book is in other words called returns inward book. It is book used for recording all returns. Ordinarily, many circumstances may bring about the returns of goods. It might be as a result of spoilage or that the goods are not up to the expectation of its demand.
This in other words known as Returns Outward Book. It is this book that records all purchases returns or returns of goods bought or purchases. The reason for the returns might be that goods are damaged or not up to the standard. Returns and Allowances are deducted from purchases in the final accounts.
This is a book where all goods sold on credit are recorded. Here, the sales do not involve cash payments. It is this non-payment of cash within the said time period that makes it different from the sales account. The sales account is the one that deals with the immediate payment of cash. Note that …
This is as well known as purchases daybook. This in other words means “the book that records all the goods that have been bought (purchased) on credit for resale”. Here, payment is not made at the time of purchases and so they are recorded in the purchases book. Note that purchases book is different from …
This is the deduction of the price of the goods and is sometimes deducted in the purchases book. It is a deduction allowed by a seller to a buyer if the buyer decides to buy in large quantity. A seller may decide to give a discount to any person that can buy goods at a …
These are such deductions made in both accounts receivable and accounts payable at a particular period of time of settlement. Cash discount may be allowed by the seller if such goods are to paid for within a specified period of time. One can either say that it is a deduction made by a seller to …