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The weekly or monthly total of the purchase Book isa)Posted to the debit of the Purchases Account,b)Posted to the debit of the Sales Account,c)Posted to the credit of the Purchases Account.d)None of the aboveCorrect answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
The weekly or monthly total of the purchase Book isa)Posted to the deb...
Explanation:
Purchases Account:
The Purchases Account is a nominal account that is used to record all the purchases made on credit by a business during a particular period of time. It is an expense account that is debited with the cost of goods purchased during the accounting period.
Debit:
Debit means an entry made on the left-hand side of an account. It is used to record an increase in assets and expenses and a decrease in liabilities and revenues.
Weekly or Monthly Total of the Purchase Book:
The Purchase Book is a subsidiary book that is used to record all the credit purchases made by a business during a particular period of time. The weekly or monthly total of the Purchase Book is the total amount of credit purchases made by the business during that period.
Posting to the Debit of the Purchases Account:
When the weekly or monthly total of the Purchase Book is calculated, it is posted to the debit side of the Purchases Account. This is because the Purchases Account is an expense account, and the cost of goods purchased is an expense for the business.
Conclusion:
Therefore, the correct answer is option 'A' - the weekly or monthly total of the Purchase Book is posted to the debit of the Purchases Account.
Purchases Account:
The Purchases Account is a nominal account that is used to record all the purchases made on credit by a business during a particular period of time. It is an expense account that is debited with the cost of goods purchased during the accounting period.
Debit:
Debit means an entry made on the left-hand side of an account. It is used to record an increase in assets and expenses and a decrease in liabilities and revenues.
Weekly or Monthly Total of the Purchase Book:
The Purchase Book is a subsidiary book that is used to record all the credit purchases made by a business during a particular period of time. The weekly or monthly total of the Purchase Book is the total amount of credit purchases made by the business during that period.
Posting to the Debit of the Purchases Account:
When the weekly or monthly total of the Purchase Book is calculated, it is posted to the debit side of the Purchases Account. This is because the Purchases Account is an expense account, and the cost of goods purchased is an expense for the business.
Conclusion:
Therefore, the correct answer is option 'A' - the weekly or monthly total of the Purchase Book is posted to the debit of the Purchases Account.
Community Answer
The weekly or monthly total of the purchase Book isa)Posted to the deb...
The correct answer is a)- Posted to the debit of the purchase account.
The total of the purchases book is posted to the debit of purchases account. Names of the suppliers appear in the purchases book. These parties have supplied the goods. They are, therefore, credited with the amount appearing against their respective names.
The total of the purchases book is posted to the debit of purchases account. Names of the suppliers appear in the purchases book. These parties have supplied the goods. They are, therefore, credited with the amount appearing against their respective names.
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The weekly or monthly total of the purchase Book isa)Posted to the debit of the Purchases Account,b)Posted to the debit of the Sales Account,c)Posted to the credit of the Purchases Account.d)None of the aboveCorrect answer is option 'A'. Can you explain this answer?
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