Purchase Ledger: A subsidiary ledger which holds the accounts of a business's suppliers. A single control account is held in the nominal ledger which shows the total balance of all the accounts in the purchase ledger.

 

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Purchase Ledger: A subsidiary ledger which holds the accounts of a business's suppliers. A single control account is held in the nominal ledger which shows the total balance of all the accounts in the purcha . . . View Full Definition

Bought Ledger: See Purchase Ledger .

Subsidiary Ledgers: Ledgers opened in addition to a business's nominal ledger. They are used to keep sections of a business separate from each other (eg. a Sales ledger for the customers, and a Purchase ledger . . . View Full Definition

Accounts Payable Ledger: A subsidiary ledger which holds the accounts of a business's suppliers. A single control account is held in the nominal ledger which shows the total balance of all the accounts in the purcha . . . View Full Definition

Purchase Returns And Allowances: A contra-purchase account used for recording the return of, or allowances for, previously purchased merchandise.

Purchase-Money Mortgage: A mortgage given as part of the buyers consideration for the purchase of real property, and delivered at the same time that the real property is transferred as a part of the transaction. It . . . View Full Definition

Purchaser Road Credits: Credits granted to purchasers of timber in the national forests in exchange for the construction of permanent roads specified in the timber sale contract. The amount of the credits is the Fo . . . View Full Definition

Purchase Order: A written order to buy specified goods at a stipulated price.

Purchases Account: An account in which all inventory purchases are recorded: used with the periodic inventory method.

Purchase Method: Accounting for an acquisition using market value for the consolidation of the two entities' net assets on the balance sheet. Generally, depreciation/amortization will increase for this metho . . . View Full Definition