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Goods purchased on credit are recorded in which subsidiary book and why?

Asked by Topperlearning User 11th July 2016, 4:49 PM
Answered by Expert
Answer:

Purchases book is a subsidiary book which records credit purchases of goods i.e. the goods which the firm trade in. Cash purchases of goods and purchases of any assets are not recorded in the purchase book. Purchases book is also known as invoice book/bought book. Bills or invoices received from supplier are the source document for recording entries in the books.

Therefore, goods purchased on credit are recorded in purchases book.

Answered by Expert 11th July 2016, 6:49 PM
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