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Who prepares the purchase return report?

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Solution

Purchase returns report is prepared by the business. It is used for recording the goods or items that are returned to the suppliers.

Also read:

Cash Book

Purchase Book

Sales Book and Sales Return Book

Cash Flow Statement

Ledger in Accounting

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Q. Following transactions were recorded in the books of Darshan Traders:−

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.

You are required to prepare (i) Purchase Book; (ii) Sales Book; (iii) Purchase Return Book, and (iv) Sales Return Book.

Q. Prepare Purchases Return Book of Aruna Stores, Kolkata from the following transactions and post them into Ledger:

2018
Jan. 10	Returned to Sohan & Sons, Kolkata:
	10 Rohtas fans 36'' @ ₹ 1,250 each
	Trade Discount 10%
	CGST and SGST was paid @ 6% each
Jan. 25	Returned to Ram & Co., Delhi:
	25 Tube-lights @ ₹ 200 each
	IGST was paid @ 12%

From the following Subsidiary Book Prepare necessary ledger accounts and balance them.

Purchases Book
Date	Particulars	Inward Invoice No.	L.F.	Amount Rs
2011 Aug. 2	Laxman			4,250
5	Joseph			1,500
10	Salman			3,000
15	Kamini			2,500
31	Patel			800
	Total			12,050

Purchase Return Book
Date	Particulars	Debit Note No.	L.F.	Amount Rs
2011 Aug.7	Laxman			550
18	Kamini			700
31	Patel			100
	Total			1,350

Q. M/s Ram Narain & Sons of Kerala, who are dealers in readymade garments, purchased the following :-

2017
May 2	Purchased from Fashion House, Mumbai (Maharashtra) :-
	100 Shirts @ ₹1,800 per Shirt
	75 T-shirts @ ₹ 1,600 per piece
	Less: Trade Discount 20%; and freight charges payable ₹ 10,000.
10	Purchased from Appolo Garments, Kerala :-
	65 Shirts @ ₹ 2,000 per piece
	80 T-shirts @ ₹ 1,500 per piece
	Less: 20% Trade Discount and freight charges payable ₹ 2,000.
May 15	Purchased from Garden Furniture House, Kolkata :-
	12 Chairs @ ₹ 5,000 per Chair
25	Purchased from Amitabh Shirts, New Delhi for cash :-
	120 Shirts @ ₹ 1,500 per Shirt

Prepare Purchase Book assuming CGST @ 9% and SGST @ 9%.

When we prepared purchase returns book why we less trade discount in the book.

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