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Question
Write short note on Purchase Budget.
Solution
The purchase budget contains details about the quantity and quality of various things which the firm needs to purchase during the coming year. The total amount to be spent on purchases as well as the amount of each item of purchase are also given. A purchase budget serves as a guide for making purchases from time to time. It also helps to ensure that the required items are available as and when needed for the smooth functioning of the business.
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