Purchase Ledger

Introduction to credit purchases; purchase invoices; completing the Purchases Day Book. The purpose of keeping a Purchase Ledger; locating information to be recorded in the Purchase Ledger accounts; writing up Purchase Ledger accounts; cross-referencing entries in the Purchase Ledger with the Purchases Day Book and Cash Book. Reconciling the information contained in a supplier's statement; preparing a list of balances from individual Purchase Ledger accounts; writing up a Purchase Ledger Control Account; detecting errors between the Purchase Ledger Control Account and the Individual Purchase Ledger Accounts; stock records; the importance of accounting for all VAT.