Question

bought loose tool's Rs. 3000​

Answer 1

Answer :

_________________________________

Journal Entry :-

Loose Tools Ac dr....3000/-

To, Cash Ac Cr....3000/-

( Being loose tools purchased )

_________________________________

Answer 2

The answer to the following question is given below

Explanation:

                              In The Books of (--- Ltd)                  

                                      Journal Entry                          

Date         Particular                                       Debit    Credit  

              Loose tool's            a/c     Dr           3,000

              To Cash                   a/c                                   3,000

              (Being loose tool's purchased by cash)

According  to Accounting rules what comes to business would be debit and what goes from the business should be credit  . In this case, cash goes from business and tools come in.

Loose tool' is a type of current assets, that is used for fitting of the machine and other tools .

Loose tool's is assets and all assets should be debit.

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