SALES RETURN BOOK OR RETURNS INWARD BOOK
Sales Return Book or
Returns Inward Book is a subsidiary book maintained to record the goods or
materials returned by the purchaser that had been sold on credit. This book is
maintained if the return of goods is frequent otherwise it can be recorded in
the Journal.
A Credit Note is prepared when goods are returned by the purchaser
and on its basis entry is recorded in the Sales Return Book, i.e., value of
sales and GST (IGST or CGST and SGST) charged.
Credit Note is a document evidencing that a credit entry has been made
to the account of the debtor.
Credit Note is prepared in duplicate, original copy is sent to the customer while one copy is retained for record. A specimen of a Credit Note is as follows:
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