Question
What is a Purchases Return Book? Give its specimen.
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Answer
Purchases Return Book or Returns Outward Book is a subsidiary book maintained to record the goods or materials returned to the sellers of goods that were purchased on credit.Ruling of a Purchases Return Book is similar to the Purchases Book ruling except that instead of a column for 'Invoice No.' it has a column for Debit Note No.
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Calculate gross profit and cost of goods sold from the following information:
Net Sales ₹ 8,00,000
Gross Profit is 40% on Sales.
Net Sales ₹ 8,00,000
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| ₹ | |
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| Closing debtors. | 56,000 |
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| Cash received from debtors. | 2,30,000 |
| Cheque received from debtors. | 25,000 |
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