BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Purchase Book is a special purpose journal that is used to keep a systematic record of the goods bought on credit. Purchase Account is a part of the ledger, which the balance of the purchase book is posted at the end of each month.

Detailed explanation-2: -Purchase day book is a part of the ledger.

Detailed explanation-3: -Simply a purchase journal can be defined as the main entry book which is used to record credit transactions (credit purchases) for resalable purposes. The Source document which is used as an evidence in recording transactions into purchase journal is Purchase invoice.

Detailed explanation-4: -Definition of Purchase Book It is also called Purchase Journal. The recording of transactions in the purchase book is made on the basis of purchase invoices, which are received by the entity from the supplier, that bear the net amount, after deducting the trade discount.

Detailed explanation-5: -A Sales book is also called Sales Journal or Sales Day Book. For example, the following entries of sales appear in the books of ABC Ltd. Jan 7 – Sold 10 Keyboards to A & Co. for 300 each.