Which of the following information is recorded in the returns outwards book?

Accounts - Principles of Accounts

WAEC 2014

A. goods purchased on credit and susequently returned to suppliers
B. fixed asset bought on credit and subsequently returned to supplier
C. cash payment received from a customer and subsequently returned to supplier
D. goods sold to a customer and subsequently returned to the business

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Correct Answer: Option A

Explanation

Returns outwards are goods returned by the customer or business to the supplier. For the supplier, this results in the following accounting transaction: A debit (reduction) in revenue in the amount credited back to the customer.

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Which of the following information is recorded in the returns outwards book?

Correct Answer: Option A

Explanation

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