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Journal for Purchase and Sale

The correct j...

Question

The correct journal entry for return of goods purchased from Mr. John on credit is:

A

Cash - debit; purchases - credit

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B

John - debit; purchase return - credit

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C

John - debit; Stock - credit

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D

None of the above

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Solution

The correct option is B
John - debit; purchase return - credit

The correct entry would be

John A/c Dr
To Purchase Return A/c

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Similar questions

Q. Rectify the following errors assuming that Suspense Account was opened. Ascertain the difference in Trial Balance.
(a) Credit sales to Mohan ₹ 7,000 were recorded in Purchase Book. However, Mohan's Account was correctly debited.
(b) Credit purchases from Rohan ₹ 9,000 were recorded in Sales Book. However, Rohan's Account was correctly credited.
(c) Goods returned to Rakesh ₹ 4,000 were recorded in Sale Returns Book. However, Rakesh's Account was correctly debited.
(d) Goods returned from Mahesh ₹ 1,000 were recorded through Purchase Returns Book. However, Mahesh's Account was correctly credited.
(e) Goods returned to Naresh ₹ 2,000 were recorded through Purchases Book. However, Naresh's Account was correctly debited.

Rectify the following errors assuming that suspense account was opened. Ascertain the difference in trial balance.

(a) Credit sales to Mohan Rs. 7000 were recorded in purchase book. However, Mohan's account was correctly debited.

(b) Credit purchase from Rohan Rs. 9000 were recorded in the sales book. However, Rohan's account was correctly credited.

(c) Goods returned to Rakesh Rs. 4000 were recorded in sales return book. However, Rakesh's account was correctly debited.

(d) Goods returned from Mahesh Rs. 1000 were recorded through purchase return book. However, Mahesh's account was correctly credited.

(e) Goods returned to Naresh Rs. 2000 were recorded through purchase book. However, Naresh's account was correctly debited.

Q. Rectify the following errors assuming:-
that such a suspense account has been opened.
1. Goods costing ₹ 800 purchased from Sachin on credit were omitted to be credited to his account.
2. Goods costing ₹ 800 purchased from Sachin on credit were credited to his account as ₹ 80.
3. Goods costing ₹ 800 purchased from Sachin on credit were credited to his account as ₹ 880.
4. Goods costing ₹ 800 purchased from Sachin on credit were posted to the debit of his account.
5. Goods costing ₹ 800 purchased from Sachin on credit were posted to the debit of his account as ₹ 80.

Q. Net Credit Purchases = ____________ - Cash Purchases - Purchases Returns

Q. Some of the transactions of a firm are given below. Against each transaction the accounts to be debited and credited are given. There are some obvious errors. Point out the errors and give correct answers.
Purchased goods from Rao for Cash :

Debit: Goods & Purchase: Credit Rao.

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