What is Purchase Returns or Outward Returns Journal?

Ans.- A purchase return or outward return journal is a financial record used to record the return of goods or services purchased by a business. It is used to track the return of goods or services that are not satisfactory or are not needed by the business. Each entry in the purchase return or outward return journal includes the date, vendor, amount, and description of the return. The purchase return or outward return journal is used to track the cost of goods or services that are returned to vendors or suppliers, and the information recorded in it is used to prepare financial statements such as the balance sheet and income statement.