Question

record for credit purchase of building will be made
(a) in purchase book
(b) in journal proper
(c) in sales book
(d) in cash book​

Answer 1

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Answer 2

Record for credit purchase of building will be made in purchase book.

• Purchase Credit Journal Entry is the diary passage passed by the organization in the buy diary of the date when the organization buys any stock from the outsider based on the conditions of the credit, where the buys record will be charged. The leaser's record or record payable record will be credited in the books of forms of the organization.

• In the situation when the organization buys the products using a loan from the seller of the organization, then, at that point, the buys record will get charged as it will prompt an expansion in the stock (resources) of the organization.

• There will be relating credit in the records payable record as the sum for which buys have been made is owed to the outsider (merchant) later on.