Multiple Choice Questions on In Purchases Book the record is in respect of ........ for UPSC EPFO Exam Preparation

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Multiple Choice Questions

In Purchases Book the record is in respect of ........

General Accounting Principles Accounting cycles
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    In Purchases Book the record is in respect of

    Cash purchase of goods,

    Incorrect Answer

    Credit purchase of goods dealt in,

    Correct Answer

    All purchases of goods.

    Incorrect Answer

    None of the above 

    Incorrect Answer
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    Explanation:

    A firm records all its credit purchases of goods in Purchase Book or Purchase Day Book. While it records all the cash purchases of goods in the Cash Book.

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    Saif

    In case of purchase every debit entry is made in purchase account, be it cash purchase or credit purchase. The difference is in the account which is credited that can be cash or creditor.

    0 0 reply

    NIHARIKA WALIA

    Purchase book records only the credit sales of goods. this is a subsidiary book which records only credit transactions for purchase of goods. The concept you are talking about relates to journal entries

     0 0 reply
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