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Preparing CFS-Indirect Method

What is the a...

Question

What is the account type of purchase returns?

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Solution

Purchase returns is a nominal account.

Also read:

Cash Book

Purchase Book

Sales Book and Sales Return Book

Cash Flow Statement

Ledger in Accounting

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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.

Rectification of an error of overcasting in the Purchase returns book will require purchase return account to be ___ & suspense account to be ___

The total of Purchase Return book is posted to the ___ of purchases return account.

What type of accounts are purchase and sales account ? Real or nominal ?

Q. Purchase return account in ledger
Or purchase return amount in purchases ac at cr side as
By purchases return xxx

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