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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