Special Purpose books Other books MODULE 22 Purchases

Special Purpose books: Other books MODULE 2/2

Purchases Book In this book, only those transactions are recorded which are related to credit purchases of goods in which the business deals in. Recording is made on the basis of Bills/ Invoices issued by the Suppliers.

Transactions not recorded in purchases Book • Purchases of goods for cash. • Purchases of Assets meant for long term, not for resale.

Sales Books/Sales Journal In this book, transactions for credit sales of goods are recorded. The source documents for this book is duplicate copy of invoice/bills issued to the customers. • Transactions not recorded in Sales Book • Sales of goods for cash • Sales of Assets.

Purchases Returns/Returns Outward Book This book includes only those transactions which are related to returns of goods bought on credit. The goods may be returned due to various reasons such as goods bought being defective, supply of inferior quality goods etc. Entries in this book are made on the basis of Debit Note. A Debit note contains the name of the supplier to whom good are returned, details of goods returned

Sales Returns Book This book includes all the returns by customers of credit sales of goods. The Credit Note is used for recording entries in this book. The credit note contains the details of customers and goods returned.

Enter the following transactions in the Purchase Book, Sales Book, Purchase Returns Book and Sales Returns Book of Abhishek and Co. for the month of January, 2019 2011 Jan. 1 Purchased goods from Raj Traders Rs 16, 400 at 10% trade discount. 3 Preeti enterprises invoiced goods to us Rs 17, 250. 6 Sold goods to Vinita Stores Rs 19, 000 at 5% trade discount. 9 Mitesh Associates invoiced goods to us Rs 17, 000 at 2½ trade discount. 12 Returned goods to Raj traders Rs 1, 650 (Net). 15 18 Vinita Traders returned goods to us as they were damaged in transit Rs 4, 000 (Gross). Returned goods to Preeti Rs 2, 550 23 Placed an order with Novel Stores for goods worth Rs 29, 000. 25 Novel Stores supplied goods worth Rs 19, 000 only 26 Returned goods to Novel Stores as they were not as per specification Rs 2, 550. 28 Sold goods to Deepika Rs 24, 000 at 8% trade discount. 30 Deepika returned goods of Rs 4, 000 (Gross).

Enter the following transactions in the Purchase Book, Sales Book, Purchase Returns Book and Sales Returns Book of Abhishek and Co. for the month of January, 2020 (with GST) 2020 Jan. 1 Purchased goods from Raj Traders Rs 16, 400 at 10% trade discount. 3 Preeti enterprises invoiced goods to us Rs 17, 250. 6 Sold goods to Vinita Stores Rs 19, 000 at 5% trade discount. 9 Mitesh Associates invoiced goods to us Rs 17, 000 at 2½ trade discount. 12 Returned goods to Raj traders Rs 1, 650 (Net). 15 18 Vinita Traders returned goods to us as they were damaged in transit Rs 4, 000 (Gross). Returned goods to Preeti Rs 2, 550 23 Placed an order with Novel Stores for goods worth Rs 29, 000. 25 Novel Stores supplied goods worth Rs 19, 000 only 26 Returned goods to Novel Stores as they were not as per specification Rs 2, 550. 28 Sold goods to Deepika Rs 24, 000 at 8% trade discount. 30 Deepika returned goods of Rs 4, 000 (Gross).