Topic: 7 Creditors returns journal

 In this lesson, we will learn  about Creditors returns journal.

Purchases returns is when the business returns goods to the supplier.  Also called returns outwards

What is Creditors returns journal?

Is a book of first entry used for Purchases returns( when our business returns goods).

It is also used for the following;

  • It provides the total purchases returns amount for the month 
  • It reduces the number of entries in the purchases returns account 
  • It provides the purchases returns figure needed to draw up a control accounts 
  • For inventory control purpose 
Format of Creditors returns journal 


Click on the link to see recording transactions in the Creditors returned journal 👇👇

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Topic 6: Returns journal: sales returns journal

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 We have two types of returns in the business, which  are: sales returns journal and purchases returns journal but today we will learn about sales returns journal. Sales returns is when the customer returns goods to the business. Also called returns inwards  What is Debtors returns journal? Is a book of first entry used for sales returns( when customers returns goods) This journal also has other uses:  It provides the total sales returns amount for the month.  It reduces the number of entries in the sales returns account  It provides the sales returns figure needed to draw up control accounts. For inventory control purpose. Format of Debtors returned journal Click on the link to see recording transactions in the Debtors returns journal  https://youtu.be/g5TBUx8867U Good luck!!
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