Question

Goods purchased for cash 5000 give two aspect

Answer 1

Answer:

Purchase account Dr. 5000

To cash. 5000

(being cash purchase made)

Answer 2

Answer:

Explanation:

• Each transaction there must be only two aspects
• Debit aspect and Credit aspect
• in this event debit aspect is purchase
• and credit aspect is cash
• adjusting entry is    purchase a/c dr   5,000

                                             to cash a/c                   5,000