What is the meaning of purchases returns journal

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What is a Purchases Returns Journal?

A purchases returns journal is a bookkeeping tool used to record the returns of goods purchased by a business from its suppliers. This type of journal is used to track the quantity and cost of items returned to the supplier and the resulting credit issued by the supplier. The journal also records the accounts payable balance owed to the supplier.

When a business purchases goods from its suppliers, the supplier records the sale in its sales journal. When the goods are returned to the supplier, the supplier records the return in its purchases returns journal. This journal is used to track the quantity and cost of the goods returned and any credits issued by the supplier. The journal also records the accounts payable balance owed to the supplier.

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The purchases returns journal is an important tool for businesses to keep track of their inventory and accounts payable. By tracking the returns of goods purchased, businesses can ensure that they are not overpaying for items that they do not need. They can also use the journal to monitor their accounts payable balance and ensure that they are not overpaying for goods.

The purchases returns journal is also an important tool for businesses to monitor their suppliers. By tracking the returns of goods, businesses can ensure that their suppliers are providing quality goods and services. They can also use the journal to monitor the performance of their suppliers and ensure that they are meeting their contractual obligations.

The purchases returns journal is an important bookkeeping tool for businesses to track their inventory and accounts payable. By tracking the returns of goods purchased, businesses can ensure that they are not overpaying for items that they do not need. They can also use the journal to monitor their accounts payable balance and ensure that they are not overpaying for goods.

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