Question

Give any three difference between purchases book and purchases account ​

Answer 1

Answer:

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Explanation:

Purchase Book

1. It is a part of the journal.1. It is a part of the ledger.

2. As it is a special-purpose book it doesn’t have a debit and credit column

3. The balance in purchase book is posted to the purchase account regularly.

4. Only credit purchases related to the core business are recorded in the purchase book.

Purchase Account

1. It is a part of ledger

2. Since purchase account is a ledger account it has both debit and credit columns.

3. The balance in the purchase account is further moved to the trading account.

4. All cash and credit purchases related to the core business are journalized and entered in this account.

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