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Which of the following is NOT required while vouching Purchase Return?

Which of the following is NOT required while vouching Purchase Return? Correct Answer Examine Credit Notes

The Correct Answer is to examine Credit Notes

Key PointsPurchase Return – When the buyer of a good, returns the goods to the seller due to any reason, it is called purchase return.

Important Points

  • Purchase return book: While vouching for Purchase return, it is necessary for an auditor to examine the purchase return books as it is the book of accounts that records all the transactions related to purchase returns.
  • Debit Notes: A debit note is a document used by a seller to remind a buyer of current debt commitments, or a document used by a buyer to return goods bought on credit. These are necessary to be checked while vouching for Purchase Return.
  • Cut-off points: Cut-off points are the points from where the goods are moved out. These shall be checked while vouching for Purchase return
  • Credit Notes: A credit note is a commercial document that is issued at the time of Sales Return. There is no need to check Credit notes at the time of vouching Purchase returns.

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