Explain the difference between purchase returns and sales returns How do purchase returns affect the financial statements of both buyer and seller How do sales returns affect the financial statements of both buyer and seller ...

Purchase returns refer to the situation where the buyer of the goods returns them Sales retur ...

Explain the difference between purchase returns and sales returns. How do purchase returns affect the financial statements

Question:

Explain the difference between purchase returns and sales returns. How do purchase returns affect the of both buyer and seller? How do sales returns affect the of both buyer and seller?

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...