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Unit-5 Journal

This unit explains the method of applying the rules of debit and credit to business transactions and how exactly the entries are made.

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Name the accounts which are maintained in lieu of Goods Account.


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Learning Pundits Content Team

Written on Apr 17, 2019 6:05:15 PM

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.