Question

Furniture purchase from ram lal and son pass the journal entry

Answer 1

furniture a/c Dr
to ram lal and sons

Answer 2

Furniture a/c Dr

to ram lal and sons

Explanation:

In this question the farmers purchasing furniture from Ram Lal and sons. Here we all know the fact that furniture is a fixed asset. And based on the golden rule of accounting which says that we have to debit assets when the increase and credit them when they decrease.

Here are furniture is increasing which means that you should debit the furniture account and credit Ram lal and sons account as they receive the amount for the furniture this is always on the golden rule of accounting.

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