Question

bought furniture for office use cheque journal entry
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Answer 1

Answer:

Entry depends on the usage of furniture-

A. Furniture will be used as a fixed asset :

If the purchase is made in cash -

Furniture A/c Dr.

To Cash A/c or Bank A/c

If the purchase is made on credit terms -

Furniture A/c Dr.

To Supplier’s A/c

B. Furniture is bought for resale :

If the purchase is made in cash -

Purchase A/c Dr.

To Cash A/c or Bank A/c

If the purchase is made on credit terms -