Physical inventory means the actual counting and verification of stock on hand at a specific date. It is done to confirm that recorded inventory matches the real quantity available. This process helps identify shortages, damages, obsolete stock, and recording errors.
Purchases Journal
A purchases journal is a special journal used to record credit purchases of goods or materials. It helps organize repetitive purchase transactions separately before...
Purchase Returns
Purchase returns are goods returned by the buyer to the supplier, usually because of defects, wrong quantity, damage, or quality issues. These returns reduce...
Purchase Order
A purchase order is a formal document issued by a buyer to a supplier specifying the goods or services required, quantity, price, terms, and...
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