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    Sales: Purchase Return or Rejection in or Outward Invoice

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    The document defines key accounting terms related to sales, purchases, assets, liabilities, capital, debtors, creditors, debits, credits, drawings, receipts, accounts, ledgers, journals, trail balances, and profit. Sales involve goods sold to customers, while purchases can be returned to suppliers. Assets are owned for business use, and liabilities are amounts owed to outsiders. Capital is the initial investment, debtors owe money, and creditors are owed money. Debits record receipts and credits record payments. Drawings are amounts taken for personal use. Receipts acknowledge cash received. Accounts summarize transactions, ledgers contain final entries, journals record daily transactions, and trail balances verify accuracy. Profit is

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    Sales: Purchase Return or Rejection in or Outward Invoice

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    16 views2 pages
    The document defines key accounting terms related to sales, purchases, assets, liabilities, capital, debtors, creditors, debits, credits, drawings, receipts, accounts, ledgers, journals, trail balances, and profit. Sales involve goods sold to customers, while purchases can be returned to suppliers. Assets are owned for business use, and liabilities are amounts owed to outsiders. Capital is the initial investment, debtors owe money, and creditors are owed money. Debits record receipts and credits record payments. Drawings are amounts taken for personal use. Receipts acknowledge cash received. Accounts summarize transactions, ledgers contain final entries, journals record daily transactions, and trail balances verify accuracy. Profit is

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    The document defines key accounting terms related to sales, purchases, assets, liabilities, capital, debtors, creditors, debits, credits, drawings, receipts, accounts, ledgers, journals, trail balances, and profit. Sales involve goods sold to customers, while purchases can be returned to suppliers. Assets are owned for business use, and liabilities are amounts owed to outsiders. Capital is the initial investment, debtors owe money, and creditors are owed money. Debits record receipts and credits record payments. Drawings are amounts taken for personal use. Receipts acknowledge cash received. Accounts summarize transactions, ledgers contain final entries, journals record daily transactions, and trail balances verify accuracy. Profit is

    Copyright:

    © All Rights Reserved
    Download as RTF, PDF, TXT or read online from Scribd
    Download as rtf, pdf, or txt
    16 views2 pages

    Sales: Purchase Return or Rejection in or Outward Invoice

    Uploaded by

    Anbarasan
    The document defines key accounting terms related to sales, purchases, assets, liabilities, capital, debtors, creditors, debits, credits, drawings, receipts, accounts, ledgers, journals, trail balances, and profit. Sales involve goods sold to customers, while purchases can be returned to suppliers. Assets are owned for business use, and liabilities are amounts owed to outsiders. Capital is the initial investment, debtors owe money, and creditors are owed money. Debits record receipts and credits record payments. Drawings are amounts taken for personal use. Receipts acknowledge cash received. Accounts summarize transactions, ledgers contain final entries, journals record daily transactions, and trail balances verify accuracy. Profit is

    Copyright:

    © All Rights Reserved
    Download as RTF, PDF, TXT or read online from Scribd
    Download as rtf, pdf, or txt
    of 2

    Sales:

    Sales is goods sold by a businessman to his customers.

    Purchase Return or Rejection in or Outward Invoice:


    Purchase return
    means the return of the full or a part of goods purchased by the businessman to his
    suppliers.
    Sales Return or Rejection out or Inward Invoice: Sales return means the
    return of the full or a part of the goods sold by the customer to the businessman.
    Assets: Assets are the things and properties possessed by a businessman not for
    resale but for the use in the business.
    Liabilities:

    All the amounts payable by a business concern to outsiders are


    called liabilities.

    Capital:

    Capital is the amount invested for starting a business by a person.

    Debtors:

    Debtor is the person who owes amounts to the businessman.

    Creditor:

    Creditor is the person to whom amounts are owed by the


    businessman.

    Debit:

    The receiving aspect of a transaction is called debit or Dr.

    Credit:

    The giving aspect of a transaction is called credit or Cr.

    Drawings:
    Drawings are the amounts withdrawn (taken back) by the
    businessman from his business for his personal, private and domestic purpose.
    Drawings may be made in the form cash, goods and assets of the business.
    Receipts:
    It is a document issued by the receiver of cash to the giver of cash
    acknowledging the cash received voucher.
    Account:
    Account is a summarized record of all the transactions relating to
    every person, everything or property and every type of service.
    Ledger:
    Journal entries:

    The book of final entry where accounts lie.


    A daily record of transaction.

    Trail Balance: It is a statement of all the ledger account balances prepared at


    the end of particular period to verify the accuracy of the entries made in books of
    accounts.
    Profit: Excess of credit side over debit side.

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