–Pushpender Kumar Academic Content Writer at Edumarz
Purchases Return Book is a book in which all purchase returns are recorded by the firm to the supplier.
Purchases Return Book also known as Returns Outward Book.
Goods may be returned to the supplier because of the following reasons:
Goods are not as per sample.
Goods are defective.
Goods are not as per order.
Goods delivered not at the time.
On every Purchase Return, a debit note is issued to debit the account of the supplier.
A debit note is a source document for recording entries in the Purchases Return Book.
Debit Note contains the name of the supplier, details of returned goods, and reason for returning the goods.
An original copy of the debit note is transferred to the supplier for making necessary entries in his book.
Suppliers may also issue credit notes.
Purchases Return Book has the following columns :
Date
Debit Note No.
Name of supplier
L.F. (Ledger Folio)
Amount