Bought Machinery Worth rs.30000 of which paid 25% in cash. Please Help me Out With this Accounting Equation Entry!!!
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Dr. Machinery a/c 30,000
Cr. Cash a/c. 7,500
Cr. Creditors a/c. 22,500
(To Record Purchase of machinery, 25% paid by cash and remaining on credit)
Explanation:
Debit Asset to Increase : Machinery
Credit Asset to Decrease : Cash (25%)
Credit account to create liability: Creditors
Above entry assumes no GST Paid on the purchase.
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A Database Management System (DBMS) is software designed to store, retrieve, define, and manage data in a databasepls follow
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