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.

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.

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