Purchase Book
Trending Questions
What is the difference between purchase return and sales return?
The total of purchase book is posted to the
Debit
Credit
Either debit or credit
None of the above
What is a subscription? How is it treated in accounts of an NPO?
Do we record cash purchases in the purchase book?
Which of the following payments is made from petty cash?
Purchase of non-current assets.
Payment to creditors.
Cash deposited into a bank.
Payment of postage and telegrams.
Differentiate between source documents and vouchers.
Is it correct to say that purchases book is a record prepared from the invoices received from suppliers?
What do you mean by Invoice or Bill?
Invoices/ Bills are the basis of recording
Cash
Purchase and Sales
Purchase Return
Sales Return
Which of the following is incorrect as regards to the Purchases Book.
Purchase Day book (Purchase Register)is the book of original entry in which all the transactions relating to only credit purchase are recorded.
Credit purchases do not find place in purchase day book as they are recorded in Cash book.
The total of purchase book is debited to the purchase account.
None of these
Purchase account is not prepared when Purchase book is maintained?
True
False
Cannot say
None of these
What is a petty cash book? Give an example.
How does trade credit work?
What is trade credit and how does it work?
- Cash book
- Journal proper
- Ledger
- Balance sheet
Rectify the following errors.
1) Rent of Rs 700 paid to Ravi has been debited to his personal accout.
2) Sold goods to Ramakant Rs 580 has been entered in the Purchase book as Rs 850
3) Repair to furniture Rs 300 has been debited to furniture account.
4) Total of the sales return book is wrongly taken more by Rs 120.
5) A cheque for Rs 185 issued to Mr. Ashok has been wrongly entered in the cash column of the cash book.
- False
- True
Record the following transaction in purchase book and prepare purchase account and M/s Neema Electronics account.
- False
- True
