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L.F. Rs Date Particulars L.F. Rs. Date Particulars 2006 Aug 31 By Total per Purchases Returns Book 1,850 124 5.6 SALES RETURN BOOK Sales Return Book or Returns Inwards Book is meant for recording return of goods sold on credit. The goods which are sold for cash if returned are either exchanged for new goods or parties are paid in canh do not find a place in the sales Return Journal. The columns used in this book are similar to Sales Book except that in place of Invoice No. the Credit Note number is recorded. Credit Note is just reverse of Debit Note and is sent by the seller to the buyer. It is an acknowledgment of the goods returned as well as information to the debtor that his account is being credited with the amount mentioned in it. Thus, the party to whom a Credit Note is sent become a creditor. The posting from the Sales Return Book will be done periodically to the debit side of the Sales Returns Account in the ledger and the individual accounts of the customers will be credited with their respective amounts. Illustration 8: From the following transactions, prepare the Sales Returns Book of Jindal & Co. and post them to the Ledger: Credit Note No 201 Goyal & Co., Rohtak, returned to us - 2 polyster sarees @ Rs. 125 per saree 10.1.06 202 Accepted return of goods (which were sold for cash) from Garg & Co., Bhiwani, 2 Kota sarees @ Rs. 50 per saree 17.1.06 203 Mittal & Co, Hisar returned to us - 2 silk sarees @ Rs. 325 per saree. 31.1.06 Mohan returned to us one old typewriter worth Rs. 500 Date Particulars 5.1.06

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