Question

Give the entry of Purchased goods for cash ₹4000.

Answer 1

Hey,,

The journal entry of given transaction will be..

Purchase a/c. Dr.. 4000
To Cash a/c. 4000
( Being goods purchased on cash).

Since assets are increasing it will be, debited and cash is reducing it will be credited.

Answer 2

1. Purchase goods from Purchotam Ra. 2080
2. Paid Manohar in settlement Rs. 1900 and discount allowed by him Rs. 100
3. Paid carriage from goods and sold Rs. 40
4. Paid wages Rs. 80

Here are the journal entries for the above:

1. Dr Purchases 2,080
Cr Creditors 2,080

2. Dr Creditors 2,000
Cr Bank 1,900
Cr Discount received (income) 100

3. Dr Carriage on goods 40
Cr Bank 40

4. Dr Wages 80
Cr Bank 80