Give the journal entry for purchase goods worth ₹ 5000.
shreyasingh12:
heya
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Answered by
10
Heyaa!!
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The journal entry for given transaction will be:-
Purchase account . Dr 5000
To Cash A/c.
( Being goods purchesed for cash).
Heyaa, As we know that A goods is always treated as an Assets. And if there is increase in the value of Assets it will be debited, which we have done . And since cash is reducing which is also an Assets, so decrease in the value of Assets bring it to credit.
So the above journal entry takes place.
_________________________________________
☺️☺️☺️☺️☺️☺️☺️
_________________________________________
The journal entry for given transaction will be:-
Purchase account . Dr 5000
To Cash A/c.
( Being goods purchesed for cash).
Heyaa, As we know that A goods is always treated as an Assets. And if there is increase in the value of Assets it will be debited, which we have done . And since cash is reducing which is also an Assets, so decrease in the value of Assets bring it to credit.
So the above journal entry takes place.
_________________________________________
☺️☺️☺️☺️☺️☺️☺️
Hello! I always have a doubt that why we add purchases as Dr. not Cr.
since goods is increasing
nd purchase is credited as well
Ohk
It may be referred if it is cr. Right
But still u ( owner ) r paying so it will be credit
Answered by
1
Hello!
Purchase A/c Dr. 5000
To cash A/c 5000
Where both are assets.
#thanks
Purchase A/c Dr. 5000
To cash A/c 5000
Where both are assets.
#thanks
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