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| Corporate practice bd |
What is a Purchase Journal? with practical Examples
A Purchase Journal is a specialized accounting record used to track all purchases of goods and services on credit. This journal helps businesses keep an accurate record of their liabilities and ensures that all credit purchases are recorded systematically for future reference and financial reporting.
Table of contents:
1.Purchase of waste Materials for factory use
2. Amount payable to against Petrol purchase
3. Amount payable to against Paper tube purchase
4. Amount payable to against Indian Raw Materials purchase
Lets Starts with Practical Examples:
Voucher No. 01
Purchase of waste Materials for factory use:
|
Ledger Name |
Debit (TK) |
Credit (TK) |
Remarks |
|
Z waste materials
|
***** |
|
|
|
Transit W/C NX - Enterprise
|
|
***** |
|
Narration:
Amount payable NX – Enterprise against purchase of waste materials -00qty KG) @000; MRR No: 0040 , MRR Date: 08/05/2024
Voucher No. 02
Amount payable to against Petrol purchase:
|
Ledger Name |
Debit (TK) |
Credit (TK) |
Remarks |
|
Petrol
|
***** |
|
|
|
Factory petty cash
|
|
***** |
|
Narration: Amount payable to against Petrol purchase
Voucher No. 03
Amount payable to against Paper tube purchase:
|
Ledger Name |
Debit (TK) |
Credit (TK) |
Remarks |
|
Paper Tube
|
***** |
|
|
|
ABC Paper Products S.C
|
|
***** |
|
|
ABC Paper Products –AIT deduction
|
|
|
|
Narration:
Amount payable to against Paper tube purchase
Voucher No. 04
Amount payable to against Indian Raw Materials purchase:
|
Ledger Name |
Debit (TK) |
Credit (TK) |
Remarks |
|
Indian Raw Material Inventory
|
***** |
|
|
|
Transit R/C LC-120-2056050
|
|
***** |
|
Narration:
Amount payable to against Indian Raw Materials purchase
In Finally:
A Purchase Journal is an essential tool in accounting for tracking all credit purchases. It helps businesses maintain accurate records of their liabilities, manage accounts payable effectively, and ensure reliable financial reporting. By recording all details of credit purchases, the Purchase Journal supports accurate cost accounting, enhances internal control, and provides a clear audit trail.