Purchase_journal

Purchase journal

Purchase journal

Add article description

Not to be confused with purchase ledger, a different system in accounting.

A purchase journal is an

accounting journal and it is also a prime entry book/daybook/main entry book which is used in an accounting system to keep track of the orders of items placed using accounts payable.[1]

Simply a purchase journal can be defined as the main entry book which is used to record credit transactions (credit purchases) for resalable purposes.[2]

The Source document which is used as an evidence in recording transactions into purchase journal is Purchase invoice/invoice received/original invoice

Credit purchase of current assets/Non current assets are not considered when recording in Purchase journal.

Double entry related to credit purchase for resalable purpose

  • Purchase a/c Debit
  • Creditors a/c Credit

See also

References

  1. [1]
    "Purchases Journal - Definition | Meaning | Example". My Accounting Course. Retrieved 2017-10-09.
  2. [2]
    "Purchases Journal - An Example - AccountingExplanation.com". www.accountingexplanation.com. Retrieved 2017-10-09.
Share this article:

This article uses material from the Wikipedia article Purchase_journal, and is written by contributors. Text is available under a CC BY-SA 4.0 International License; additional terms may apply. Images, videos and audio are available under their respective licenses.