Who founded the double entry bookkeeping system?
Double entry bookkeeping system was developed by an Italian mathematician named Luca Pacioli. Also read: Rectification of Errors How to... View Article
Latest Posts
What type of account is a provision for doubtful debts?
Provision for doubtful debts is an accounts receivable contra account. Also read: Rectification of Errors How to Prepare Trial Balance... View Article
Why is rectification of errors needed?
Rectification of errors is necessary as it will result in the accounts reflecting the correct view of the business and... View Article
What happens if the trial balance is not tallied?
If a trial balance is not tallied, the value of the credit and the debit balances are not equal, then... View Article
How do I know if my trial balance is correct?
If the value of the debit side equals the value of the credit side in a trial balance then we... View Article
Does a trial balance include all accounts?
Trial balance contains a total of all general ledger accounts. Also read: Cash Book Purchase Book Sales Book and Sales... View Article
Is sales return an expense?
Sales return cannot be considered as an expense, but it definitely results in loss for the company or the business.... View Article
What type of account is sales returns?
Sales returns are considered a contra revenue account as sales returns reduce the revenue of the business. Also read: Cash... View Article
What type of transaction is recorded in the sales return book?
A sales return book records transactions where goods or items are returned by the customers and those items or goods... View Article
What is a sales return example?
Sales return example can be depicted as follows: Ram purchases a mobile of ₹5000 on credit from Ajay Mobiles, but... View Article
What is a sales return book?
Sales return book is a book in accounting that records all those transactions related to the returns of goods and... View Article
Is purchase return an expense?
Purchase return cannot be considered as an expense as it helps in reducing the expense of the business. It can... View Article
What is the difference between purchase return and sales return?
The difference between purchase return and sales return is that purchase return is used for recording those items or goods... View Article
Is purchase return an asset?
No, purchase returns cannot be regarded as an asset, but the purchase returns result in increasing the net income which... View Article
Is a purchase return account a contra account?
Yes, a purchase return account is a contra account that reduces the balance of the related account. Also read: Cash... View Article
What is the account type of purchase returns?
Purchase returns is a nominal account. Also read: Cash Book Purchase Book Sales Book and Sales Return Book Cash Flow... View Article
What is another name for a purchase return?
Another name for purchase return is return outwards. Also read: Cash Book Purchase Book Sales Book and Sales Return Book... View Article
Who prepares the purchase return report?
Purchase returns report is prepared by the business. It is used for recording the goods or items that are returned... View Article
What is the balance of the purchase return book?
The purchase return book will have a credit balance. Purchase returns reduce the expenses and therefore will have a credit... View Article
Which transactions are recorded in the purchase return book?
In a purchase return book the items that are returned to the suppliers are recorded. Also read: Cash Book Purchase... View Article
