purchases day book

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
in the purchases day books, If i have a total, a vat, and a net amount what do i post where?<BR><BR>Woudl the following be correct?<BR><BR>CR the vat to the vat account<BR>CR the net amount to the purchases account<BR>DR the total to the individual supplier accounts? or would it be the purchases ledger control account?<BR><BR>Chris.

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    purchases day book

    Hi Chris.<BR><BR>Purchases are a debit, so you would DR the purchases and VAT A/c, CR the individual amounts in the subsidiary purchase ledgers and CR the total to the Control A/c.<BR><BR>Scott.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    purchases day book

    I agree with Scotty
  • System
    System Posts: 100,534 🤖 Admin 🤖
    purchases day book

    Hi, I also agree with Scotty.<BR><BR>One thing I found really useful is this: imagine a T account with PEARLS across the top, with PEA on the dr side and RLS on the cr side. The letter stand for the following:<BR><BR>Purchases<BR>Expenses<BR>Assets<BR>Revenue<BR>Liabilities<BR>Sales<BR><BR>I found that really useful.

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