Question

he purchased furniture and fittings from A&CO for cash rs. 5000 journal entry?​

Answer 1

Answer:

PURCHAS A/C. TO CASH A/C.

DR. 5000

5000

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Answer 2

Answer:

Transaction: He purchased furniture and fitting from A & co for cash Rs. 5000

Journal Entry:

Furniture and fittings  A/c-------------------Dr        5000

               To cash A/c                                              5000

(Being furniture and fittings purchased from A & Co.)

Explanation:

The given transaction is cash transaction

Furniture and fittings & cash are asset accounts . Therefore, as per real account rule all assets coming into the business should be debited and all assets going out should be credited.