furniture costing RS 5000 used in the furnishing of the office
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The journal entry is
furniture a/c Dr 500
to purchase a/c. (500)
(goods used for furnish the office)
Rationale
furniture is an asset and hence it is debited and purchase is also treated as real a/c and hence it is crated.
the rule is debit what comes in credit what goes out.
hope this help you
thank you
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