Accountancy, asked by sneh4513, 6 months ago

Goods costing Rs 40000 bought on credit. journal entries

Answers

Answered by bannybannyavvari

Answer:

Hi - I will assume that you are purchasing goods for inventory. If it for another purpose, only the asset account will changes names to reflect the purchase.

Dr - Inventory - RS 40,000

CR - Accounts Payable - RS 40,000

Journal Note: to record purchase of RS 40,000 for inventory

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