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The periodic total of purchases return journal is posted to :
- a)Profit and loss account
- b)Furniture account
- c)Purchase account
- d)Purchase returns account
Correct answer is option 'D'. Can you explain this answer?
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Most Upvoted Answer
The periodic total of purchases return journal is posted to :a)Profit ...
Explanation:
When a purchase is returned, it is recorded in the purchases return journal. This journal is used to record all the returns made to the suppliers. The periodic total of purchases return journal is posted to the Purchase returns account. The Purchase returns account is a nominal account that is used to record the returns made to the suppliers. The account is debited when the goods are returned, and the supplier's account is credited.
The Purchase returns account is an expense account that is used to reduce the cost of purchases. The balance of this account is subtracted from the purchases account to calculate the net purchases. The net purchases are then used to calculate the cost of goods sold.
In short, the purchases return journal is used to record the returns made to the suppliers, and the total of this journal is posted to the Purchase returns account. This account is used to reduce the cost of purchases and is an expense account.
When a purchase is returned, it is recorded in the purchases return journal. This journal is used to record all the returns made to the suppliers. The periodic total of purchases return journal is posted to the Purchase returns account. The Purchase returns account is a nominal account that is used to record the returns made to the suppliers. The account is debited when the goods are returned, and the supplier's account is credited.
The Purchase returns account is an expense account that is used to reduce the cost of purchases. The balance of this account is subtracted from the purchases account to calculate the net purchases. The net purchases are then used to calculate the cost of goods sold.
In short, the purchases return journal is used to record the returns made to the suppliers, and the total of this journal is posted to the Purchase returns account. This account is used to reduce the cost of purchases and is an expense account.
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Community Answer
The periodic total of purchases return journal is posted to :a)Profit ...
The answer is D. let's compare two situations:-
1. at the end of year:- at the end of year we want to find that what is the balance in our accounts so we generally close all the the accounts, so as we know that when we make a trading account, we subtract purchase returns from purchases to find net purchases. for this task we take the purchase returns account balance to purchase account.
2. during the year:-as you know that at the end a purchase returns total balance is required to find net purchases so to get the total balance at the end of the year we maintain a purchase returns account and according to this question, we take the balance of purchase returns from journal periodically (say 1 month) so that at the end of the year it will be easy to calculate purchase returns balance...
HOPE IT HELPS.....
1. at the end of year:- at the end of year we want to find that what is the balance in our accounts so we generally close all the the accounts, so as we know that when we make a trading account, we subtract purchase returns from purchases to find net purchases. for this task we take the purchase returns account balance to purchase account.
2. during the year:-as you know that at the end a purchase returns total balance is required to find net purchases so to get the total balance at the end of the year we maintain a purchase returns account and according to this question, we take the balance of purchase returns from journal periodically (say 1 month) so that at the end of the year it will be easy to calculate purchase returns balance...
HOPE IT HELPS.....
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The periodic total of purchases return journal is posted to :a)Profit and loss accountb)Furniture accountc)Purchase accountd)Purchase returns accountCorrect answer is option 'D'. Can you explain this answer?
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