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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.
- d)None of the above
Correct answer is option 'A'. Can you explain this answer?
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Verified Answer
The weekly or monthly total of the purchase Book isa)Posted to the deb...
Purchases book or purchases day book is a book of original entry maintained to record credit purchases. You must note that cash purchases will not be entered in purchases day book because entries in respect of cash purchases must have been entered in the cash book. At the end of each month, the purchases book is totaled. The total shows the total amount of goods purchased on credit. Purchases book is written up daily from the invoices received. The invoices are consecutively numbered. The invoice of each number is noted in the purchases book.
RULING:
It is not ruled like the ordinary journal. The first column in this book is for date. In the second column, the name of the supplier or the seller, quantity of each article bought, description of the article, rate etc., are recorded. Sometimes a separate column to record the details of the transactions is added in the purchases day book. The third column is for invoice number. The fourth column is for ledger folio. The last column gives the total amount to the supplier.
POSTING:
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 double entry will thus be completed.
Most Upvoted Answer
The weekly or monthly total of the purchase Book isa)Posted to the deb...
Explanation:
Posted to the debit of the Purchases Account:
- When a purchase of a book is made, it is considered an expense for the business.
- The Purchases Account is a nominal account that records all purchases made by the business.
- The total purchase of books, whether weekly or monthly, is posted as a debit entry in the Purchases Account to reflect the increase in expenses.
Therefore, the correct option is option A, which states that the total purchase of books is posted to the debit of the Purchases Account.
Posted to the debit of the Purchases Account:
- When a purchase of a book is made, it is considered an expense for the business.
- The Purchases Account is a nominal account that records all purchases made by the business.
- The total purchase of books, whether weekly or monthly, is posted as a debit entry in the Purchases Account to reflect the increase in expenses.
Therefore, the correct option is option A, which states that the total purchase of books is posted to the debit of the Purchases Account.
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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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