Difference between Purchases Book and Purchases
Account
Basis |
Purchases Book |
Purchases
Account |
1. Part |
It is part of Journal |
It is part of Ledger. |
2. Format |
Like ledger account, it
does not have debit and credit columns. |
It has debit and credit
columns. |
3. Contents |
Only credit purchases of
goods dealt in or consumed for production are recorded. |
Credit as well as cash
purchases of goods dealt in or consumed for production are recorded. |
4. Amount |
Total of Purchases Book is
posted to the Purchases Account. |
Balance in the account is
transferred to the Trading Account. |
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