The accounts to be maintained in lieu of good Accounts are as folows:

i) For recording all cash and credit purchases of goods-Purchases Account.

ii) For recording all cash and credit sales of goods-Sales Account.

iii) For recording goods returned to suppliers-Returns Outward Account or Purchase Returns Account.

iv) For recording goods returned by customers-Returns Inward Account or Sales Returns Account.

v) For goods in stock as at the end of the year-Stock Account.