CA Foundation Exam > CA Foundation Questions > The weekly or monthly total of the purchase B...
Start Learning for Free
The weekly or monthly total of the purchase Book is
- a)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.
Correct answer is option 'A'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Most Upvoted Answer
The weekly or monthly total of the purchase Book isa)posted to the deb...
How is option A is correct
posted to the debit of the purchase account?
posted to the debit of the purchase account?
Free Test
FREE
| Start Free Test |
Community Answer
The weekly or monthly total of the purchase Book isa)posted to the deb...
Explanation:
The correct answer is A: posted to the debit of the Purchases Account. Here's why:
- The purchase book is used to record all purchases made by a business.
- The purpose of the purchase book is to keep track of all purchases and to have a record of the total amount spent on purchases over a certain period, which could be weekly or monthly.
- The total amount of purchases recorded in the purchase book needs to be posted to the appropriate account in the general ledger, which is the Purchases Account.
- The Purchases Account is a nominal account and is classified as an expense account. It is used to record the cost of goods purchased for resale or for use in the production of goods.
- Since purchases are considered an expense, the total amount of purchases recorded in the purchase book should be posted to the debit side of the Purchases Account.
- Posting the total amount of purchases to the debit side of the Purchases Account increases the balance of the account, reflecting the total amount spent on purchases during the specified period.
In conclusion, the weekly or monthly total of the purchase book is posted to the debit of the Purchases Account.
The correct answer is A: posted to the debit of the Purchases Account. Here's why:
- The purchase book is used to record all purchases made by a business.
- The purpose of the purchase book is to keep track of all purchases and to have a record of the total amount spent on purchases over a certain period, which could be weekly or monthly.
- The total amount of purchases recorded in the purchase book needs to be posted to the appropriate account in the general ledger, which is the Purchases Account.
- The Purchases Account is a nominal account and is classified as an expense account. It is used to record the cost of goods purchased for resale or for use in the production of goods.
- Since purchases are considered an expense, the total amount of purchases recorded in the purchase book should be posted to the debit side of the Purchases Account.
- Posting the total amount of purchases to the debit side of the Purchases Account increases the balance of the account, reflecting the total amount spent on purchases during the specified period.
In conclusion, the weekly or monthly total of the purchase book is posted to the debit of the Purchases Account.
Attention CA Foundation Students!
To make sure you are not studying endlessly, EduRev has designed CA Foundation study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in CA Foundation.
|
Explore Courses for CA Foundation exam
|
|
Similar CA Foundation Doubts
Top Courses for CA FoundationView all
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.Correct answer is option 'A'. Can you explain this answer?
Question Description
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.Correct answer is option 'A'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about 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.Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 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.Correct answer is option 'A'. Can you explain this answer?.
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.Correct answer is option 'A'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about 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.Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 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.Correct answer is option 'A'. Can you explain this answer?.
Solutions for 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.Correct answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation.
Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
Here you can find the meaning of 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.Correct answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
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.Correct answer is option 'A'. Can you explain this answer?, a detailed solution for 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.Correct answer is option 'A'. Can you explain this answer? has been provided alongside types of 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.Correct answer is option 'A'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice 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.Correct answer is option 'A'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
|
|
Explore Courses for CA Foundation exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup