Question

Bought Furniture from Hagan

Answer 1

3 golden rules

• debit the receiver , credit the giver

• debit what comes in , credit what goes out

• debit all the expenses and losses , credit all the incomes and gains

--------------------------------------------------------------------------------------------------------------

reason for debit and credit

Furniture A/c - real A/c , where asset comes into the business , therefore its debited

Hagan A/c - personal A/c , where furniture given by hagan , hes the giver therefore its credited

---------------------------------------------------------------------------------------------------------------------------

Journal entry

Furniture A/c    Dr  

        To hagan A/c

(being furniture purchased)

# assumed as credit purchases

Answer 2

hey mate

As we can see that the furniture is a real account and Hagan is a personal account

so as per the 3 golden rules

we dr the furniture and credit Hagan as we are getting furniture and Hagan is being credited


journal entry for this will be

furniture a/c dr xxx

to Hagan a/c xxx

(being furniture bought from Hagan)