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In which book of original entry, will you record the following transactions?
Q.Goods Outward Journal is meant for recording all returns of goods
- a)Sold on credit
- b)Purchased on credit
- c)Purchased on cash
- d)None of the above
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
In which book of original entry, will you record the following transac...
Book of Original Entry for Recording Transactions
Goods Outward Journal is meant for recording all returns of goods
A: Sold on credit
- Book of Original Entry: Sales Journal
- Explanation: Sales made on credit are recorded in the Sales Journal. This journal is used to record all credit sales transactions.
B: Purchased on credit
- Book of Original Entry: Purchase Journal
- Explanation: Purchases made on credit are recorded in the Purchase Journal. This journal is used to record all credit purchases transactions.
C: Purchased on cash
- Book of Original Entry: Cash Book
- Explanation: Purchases made with cash are recorded in the Cash Book. This book is used to record all cash transactions, including cash purchases.
D: None of the above
- Explanation: None of the options provided is applicable. The correct option for recording returns of goods is the Goods Outward Journal.
Therefore, the correct answer is b. Purchased on credit, which is recorded in the Purchase Journal.
Most Upvoted Answer
In which book of original entry, will you record the following transac...
Goods Outward Journal for Recording Returns of Goods Purchased on Credit
Explanation:
Goods Outward Journal:
- The Goods Outward Journal is a book of original entry where all returns of goods sold on credit are recorded.
- It is used to keep track of goods that have been returned by customers for various reasons.
Transactions Recorded in Goods Outward Journal:
- Goods returned that were sold on credit are recorded in the Goods Outward Journal.
- This includes instances where customers return goods due to defects, incorrect orders, or dissatisfaction with the product.
Purchases on Credit:
- When goods are purchased on credit, they are not immediately paid for in cash.
- Instead, the buyer agrees to pay for the goods at a later date, usually with an agreed-upon interest rate.
Recording Returns of Goods Purchased on Credit:
- When goods purchased on credit are returned to the seller, the transaction is recorded in the Goods Outward Journal.
- This helps maintain accurate records of inventory levels and accounts payable.
Conclusion:
- In the case of goods purchased on credit, the returns of these goods are recorded in the Goods Outward Journal.
- This journal helps businesses keep track of returns and maintain accurate financial records.
Explanation:
Goods Outward Journal:
- The Goods Outward Journal is a book of original entry where all returns of goods sold on credit are recorded.
- It is used to keep track of goods that have been returned by customers for various reasons.
Transactions Recorded in Goods Outward Journal:
- Goods returned that were sold on credit are recorded in the Goods Outward Journal.
- This includes instances where customers return goods due to defects, incorrect orders, or dissatisfaction with the product.
Purchases on Credit:
- When goods are purchased on credit, they are not immediately paid for in cash.
- Instead, the buyer agrees to pay for the goods at a later date, usually with an agreed-upon interest rate.
Recording Returns of Goods Purchased on Credit:
- When goods purchased on credit are returned to the seller, the transaction is recorded in the Goods Outward Journal.
- This helps maintain accurate records of inventory levels and accounts payable.
Conclusion:
- In the case of goods purchased on credit, the returns of these goods are recorded in the Goods Outward Journal.
- This journal helps businesses keep track of returns and maintain accurate financial records.
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In which book of original entry, will you record the following transactions?Q.Goods Outward Journal is meant for recording all returns of goodsa)Sold on creditb)Purchased on creditc)Purchased on cashd)None of the aboveCorrect answer is option 'B'. Can you explain this answer?
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