Question

difference between purchase book and purchase account​

Answer 1

Explanation:

Purchase Book is a daybook in which non-cash purchase transactions are recorded in chronological order. Conversely, a Purchase account is a ledger account wherein all the entries related to purchasing merchandise for the business are recorded, be it cash or credit

Answer 2

A Purchase account is a ledger account prepared to mark the entries of both cash and credit purchases. Whereas, purchase book is one of the subsidiary books which is crucial in noting only credit purchases.

Explanation:

1. Purchase Account

• A Purchase account is a nominal account that records all the inventory procured by an organization for selling.

• Not all goods are saleable, a few may call for some next process conversion in order to develop into finished stock.

2. Purchase Book

• The subsidiary book which registers all the credit purchases (excluding assets purchase) is identified as a purchase book.

• All the cash purchases get recorded in the cash book.