What is purchase return | return outward | class 11 accounting

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What is purchase return | return outward | class 11 accounting

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Commerce Shruti

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What is purchase return | return outward | class 11 accounting

Welcome to Commerce Shruti! In this video, we will discuss Purchase Return, also known as Return Outward, an important concept in accounting.

When a buyer returns goods to the supplier due to reasons such as defects, incorrect quantity, or poor quality, it is termed as Purchase Return or Return Outward. This reduces the total purchase amount and is recorded as a reversal of purchases in the books of accounts.

Key points covered in this video:

Meaning of Purchase Return and why it occurs.
Impact on financial statements, including reduction in purchases and adjustments in the creditor's account.
Journal entry for purchase returns to ensure accurate bookkeeping.
Practical examples to understand how purchase returns are recorded.
By the end of this video, you will clearly understand the significance of purchase returns in maintaining accurate and transparent financial records.

This topic is crucial for Class 11 and 12 commerce students, accounting beginners, and those preparing for professional exams.

#PurchaseReturn #ReturnOutward #BasicsOfAccounting #CommerceShruti #AccountingConcepts #JournalEntries

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