Question

A machinery costing 60000 is purchased is a

Answer 1

Answer:

Rough balance sheet will be

Liability                   Asset

                             Machinery +60,000

                                 Cash -60,000

Here the asset and liability sides are balanced      

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Journal entry

Particulars                        Debit              Credit

Machinery a/c Dr.            60,000    

   to cash a/c                                          60,000          

Narration: (being Machinery purchased for 60,000 by using cash)

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A machinery costing 60000 is purchased is a simple entry

Explanation:

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