Question

analysis the following transaction


translation: Purchased Motor Car on credit from Honda Co. for 30,000.


two aspects : ???

a/c involved : ??

categories : ??

rules appiled : ??

a/c to be debited : ??

a/c to be credited :??​

Answer 1

Analyse the following transaction.

Purchased Motor Car on credit from Honda Co. for 30,000.

Two aspects :

1) Machinery comes in the business

2) Honda Co. is the creditor

Accounts involved :

1) Motor Car A/C

2) Honda Co. A/C

Categories :

1) Expense A/C

2) Liability A/C

Rules Applied :

1) Increase in Asset

2) Increase in Liability

Account to be debited :

Purchase A/C

Account to be credited :

Honda Co. A/C

[Journal entry for the same transaction is :

Purchase A/C Dr. 30,000

To Honda Co. A/C 30,000]

Answer 2

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