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15.2 Purchase returns
- 2. © Michael Allison, Trinity Grammar School.
Author’s permission required for external use
• Example: on 17 January Elsternwick bought $170 of goods (plus $17
GST) on credit from Wholesale Trading.
15.2 PURCHASE RETURNS
Supplier
Wholesale Trading
Business
Elsternwick
Electricals
Customer
Stock Control [A]
1/1 Creditors Control 170
GST Clearing [L]
1/1 Creditors Control 17
Creditors Control [L]
1/1 Stock Control/GST Clearing 187
Creditor – Wholesale Trading [L]
1/1 Stock Control/GST Clearing 187
$170 + $17 GST
Stock Control [A]
31/1 Creditors Control 170
GST Clearing [L]
31/1 Creditors Control 17
Creditors Control [L]
31/1 Stock Control/GST Clearing 187
Creditor – Wholesale Trading [L]
17/1 Stock Control/GST Clearing 187
- 3. © Michael Allison, Trinity Grammar School.
Author’s permission required for external use
• On 24 January, Elsternwick realised the goods were faulty and
returned them to Wholesale Trading (a Creditor).
• Wholesale Trading issued Credit Note 14.
Purchase Return
Business returns
stock to the
supplier
Sales Return
Customer returns
stock to the
business
Supplier
Wholesale Trading
Business
Elsternwick
Electricals
Customer
$170 + $17 GST
15.2 PURCHASE RETURNS
- 4. © Michael Allison, Trinity Grammar School.
Author’s permission required for external use
Stock Control [A]
31/1 Creditors Control 170 31/7 Creditors Control 170
GST Clearing [L]
31/1 Creditors Control 17 31/7 Creditors Control 17
Creditors Control [L]
31/7 Stock Control/GST Clearing 187 31/1 Stock Control/GST Clearing 187
Creditor – Wholesale Trading [L]
24/1 Stock Control/GST Clearing 187 17/1 Stock Control/GST Clearing 187
15.2 PURCHASE RETURNS
Stock Control [A]
31/1 Creditors Control 170 31/7 Creditors Control 170
GST Clearing [L]
31/1 Creditors Control 17 31/7 Creditors Control 17
Creditors Control [L]
31/7 Stock Control/GST Clearing 187 31/1 Stock Control/GST Clearing 187
Creditor – Wholesale Trading [L]
24/1 Stock Control/GST Clearing 187 17/1 Stock Control/GST Clearing 187
- 5. © Michael Allison, Trinity Grammar School.
Author’s permission required for external use
15.2 PURCHASE RETURNS
Creditors Control [L]
31/7 Stock Control/GST Clearing 187 31/1 Stock Control/GST Clearing 187
Creditor – Wholesale Trading [L]
24/1 Stock Control/GST Clearing 187 17/1 Stock Control/GST Clearing 187
General Journal
Date Details
General Ledger Subsidiary Ledger
Debit Credit Debit Credit
24 Jan Creditors Control [L] 187
Creditors – Subsidiary Ledger [L] 187
Stock Control [A] 170
GST Clearing [L] 17
Stock Control [A]
31/1 Creditors Control 170 31/7 Creditors Control 170
GST Clearing [L]
31/1 Creditors Control 17 31/7 Creditors Control 17
General Journal
Date Details
General Ledger Subsidiary Ledger
Debit Credit Debit Credit
24 Jan Creditors Control [L] 187
Creditors – Subsidiary Ledger [L] 187
Stock Control [A] 170
GST Clearing [L] 17
General Journal
Date Details
General Ledger Subsidiary Ledger
Debit Credit Debit Credit
24 Jan Creditors Control [L] 187
Creditors – Subsidiary Ledger [L] 187
Stock Control [A] 170
GST Clearing [L] 17
Creditors Control [L]
31/7 Stock Control/GST Clearing 187 31/1 Stock Control/GST Clearing 187
General Journal
Date Details
General Ledger Subsidiary Ledger
Debit Credit Debit Credit
24 Jan Creditors Control [L] 187
Creditors – Subsidiary Ledger [L] 187
Stock Control [A] 170
GST Clearing [L] 17
Creditor – Wholesale Trading [L]
24/1 Stock Control/GST Clearing 187 17/1 Stock Control/GST Clearing 187
General Journal
Date Details
General Ledger Subsidiary Ledger
Debit Credit Debit Credit
24 Jan Creditors Control [L] 187
Creditors – Subsidiary Ledger [L] 187
Stock Control [A] 170
GST Clearing [L] 17
Stock Control [A]
31/1 Creditors Control 170 31/7 Creditors Control 170
General Journal
Date Details
General Ledger Subsidiary Ledger
Debit Credit Debit Credit
24 Jan Creditors Control [L] 187
Creditors – Subsidiary Ledger [L] 187
Stock Control [A] 170
GST Clearing [L] 17
GST Clearing [L]
31/1 Creditors Control 17 31/7 Creditors Control 17
- 6. © Michael Allison, Trinity Grammar School.
Author’s permission required for external use
General Journal
Date Details
General Ledger Subsidiary Ledger
Debit Credit Debit Credit
24 Jan Creditors Control [L] $187
Creditors – Subsidiary Ledger [L] $187
Stock Control [A] $170
GST Clearing [L] $17
Return of 3 jackets to supplier due
to fault (Credit Note 1)
General Journal
Date Details
General Ledger Subsidiary Ledger
Debit Credit Debit Credit
24 Jan Creditors Control [L] $187
Creditors – Subsidiary Ledger [L] $187
Stock Control [A] $170
GST Clearing [L] $17
Return of 3 jackets to supplier due
to fault (Credit Note 14)
15.2 PURCHASE RETURNS
Narration:
• Type of unit (e.g. “jackets”)
• No. units lost (e.g. 3)
• Reason for return (e.g. “faulty”)
• Credit Note #
- 7. © Michael Allison, Trinity Grammar School.
Author’s permission required for external use
TASK
In-class Homework
SQ3 X
Ex15.1 X
Ex15.3 X
Editor's Notes
- PRINT and LAMINATE for S1...
- PRINT and LAMINATE for S1...