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Answer Posted / pravin ninawe
Goods/Stock purchased or sold being returned is quite a common practice in business.
This may be on account of a number of reasons like defects in goods, quality not matching the requirement for which the buyer purchased it, the buyer not needing the stock, etc.
This happens both in case of goods purchased as well as goods sold by the organisation.
Where the goods sold are being returned we call it "Sales Returns" and where goods purchased are being returned we call it "Purchase Returns"
The transactions of return of goods are also accounting transactions and have to be recorded in the books of accounts just like any other accounting transaction.
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