ANSWERS TO CHECK YOUR PROGRESS

4.8 ANSWERS TO CHECK YOUR PROGRESS

A 4 (i) goods (ii) credit (iii) credit note (iv) purchases (v) credit (vi) returns inwards 

(vii) returns outwards (viii) returned 

B 2 (i) False (ii) True (iii) False (iv) False (v) True (vi) False 

4.9 TERMINAL QUESTIONS/EXEIRCISES

Questions 

1 Give the proforma of Purchases Journal. Explain the method of recording the 

        transactions in Purchases Joumal and its posting into ledger. 

2 What is Joumal Proper? Whtt entries are usually recorded in the Journal Proper?

3 Discuss briefly the utility of debit note, credit note and invoice.