What is the difference between purchase return and sales return?

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Solution

The difference between purchase return and sales return is that purchase return is used for recording those items or goods purchased from the supplier that are returned to the supplier.

While sales return refers to items or goods that are returned by a customer to the business.

Also read:

Cash Book

Purchase Book

Sales Book and Sales Return Book

Cash Flow Statement

Ledger in Accounting

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2017
March 1	Sold to Chandra Light House :−
	50 Tubelights @ ₹ 60 each Less : 20%
	20 Heaters @ ₹120 each Less : 25%
5	Purchased from Charat Ram Electric Co. :−
	25 Table Fans @ ₹ 600 each
	20 Ceiling Fans @ ₹800 each
10	Chaudhary & Sons purchased from us :−
	80 Dozen Bulbs @ ₹ 90 per Dozen
12	Purchased from Ram Lal & Sons one Typewriter for ₹ 6,000 on credit, for office use.
16	Sri Ram & Sons sold to us :−
	10 Electric Irons @ ₹ 180 each less : 10%
20	Chandra Light House returned :−
	5 Tubelights sold on March 1.
22	Sold goods to Jai Bhagwan & Co. for cash ₹ 10,000.
25	Returned to Sri Ram & Sons 2 Electric Irons purchased on March 16.

Rectify the following errors:

(a)	Credit Sales to Mohan Rs 7,000 were recorded in purchases book.
(b)	Credit Purchases from Rohan Rs 900 were recorded in sales book.
(c)	Goods returned to Rakesh Rs 4,000 were recorded in the sales return book.
(d)	Goods returned from Mahesh Rs 1,000 were recorded in purchases return book.
(e)	Goods returned from Nahesh Rs 2,000 were recorded in purchases book.

Rectify the following errors:

(a)	Sales book overcast by Rs 700.
(b)	Purchases book overcast by Rs 500.
(c)	Sales return book overcast by Rs 300.
(d)	Purchase return book overcast by Rs 200.

Rectify the following errors.

(a) Credit Sales to Mohan Rs. 7,000 were recorded in purchase book.

(b) Credit Purchase from Rohan Rs. 9,000 were recorded in the sales book.

(d) Goods returned from Mahesh Rs. 1,000 were recorded in purchase return book.

Rectify the following errors.

(i) Credit purchase from Rohan Rs. 9,000 were recorded in sales book.

(ii) Goods returned to Rakesh Rs. 4,000 were recorded in the sales return book.

(iii) Good returned from Mahesh Rs. 1,000 were recorded in purchases return book.

(iv) Goods returned from Mahesh Rs. 2,000 were recorded in purchases book.

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