Question

bought goods on credit from ram journal entry

Answer 1

Purchase a/c ...dr
To Ram a/c

Answer 2

Purchase A/c   ...dr.

           To Ram  

Step-by-step explanation:

• A journal entry is a record of business transactions in the business's accounting books. A properly documented journal entry contains the exact date, debit and amount to be deposited, transaction details, and a unique reference number.
• In double-entry accounting systems, journal entries require both debit and credit to complete each entry. Therefore, when you buy goods, it increases both inventories as well as accounts payable.
• Thus, the entry for goods bought on credit would be debiting the purchase account and crediting Ram's account.

Learn more: Credit account

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