PURCHASES RETURN BOOK OR RETURNS OUTWARD BOOK
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.
Neither the return of goods purchased on cash nor the returns of any asset
other than merchandise are recorded in this book. This book is maintained if
the return of goods is frequent otherwise it can be recorded in the Journal.
Goods may be returned because of any of the following reasons:
1. Goods are not as per
sample.
2. Goods are defective.
3. Goods are not as per
order.
4. Goods have been
delivered late and the customer has refused to accept them.
In all these cases, the
purchaser prepares a 'Debit Note'
and sends it to the supplier. Debit Note is a document notifying the person
that a debit has been made to his account. The reason for the debit is also
stated in the Debit Note. A Debit Note is prepared when the goods are returned
and on its basis an entry is recorded in the Purchases Return Book. GST (IGST
or CGST and SGST) was paid at the time of purchase of goods. Thus, in the
Purchases Return Book or Returns Outward Book, Input IGST or Input CGST and
Input SGST are also reversed.
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