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Purchase Book

  • Purchase book is also known as purchase journal \ Bought Day Book.
  • It records goods purchased on credit basis only(in the ordinary course of business)
  • It does not record goods purchased for cash as it is recorded in cash book
  • It does not record purchases of assets (like furniture, machinery etc.), whether for cash or on credit, as they are recorded in cash book and journal proper respectively
  • Periodically, the total of Purchase book is transferred to Purchases account. 

Note: Credit purchases are recorded in the Purchase book at their net value (Cost-Trade Discount).

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