Tag: meaning and advantages of subsidiary books

The source document required for recording transactions in Purchase Return Book.

In the purchase book, the record is in respect of _________.

Mr. N returns the goods of  50,000 purchased on credit to Mr. Z. This transaction will recorded by Mr. N in ______ and by Mr. Z in ______.

Sales day book is the summary of both cash and credit sales of the concern.

State with reasons whether the following statement is true or false:
The Purchase Day Book is a part of the ledger.

State with reasons whether the following statement is true or false:
Purchase Book records all purchases of goods.

State with reasons whether the following statement is true or false:
The Sales Day Book is a part of ledger. 

State with reasons whether the following statement is true or false:
Purchase Books records all the credit purchase of goods.

State with reasons whether the following statement is true or false:
The sales-Book is kept to record both cash and credit sales.

Under sales or return on approval basis, when the transactions are few and the customer accepts the goods on approval or return basis, the accounting treatment will be __________________.