Question

In case of credit transaction one of the account must be

Answer 1

Answer:

in case of credit transaction on account must be of creditor or bebtor

Answer 2

Answer:

Credited or Debited

Explanation:

Credit transaction is the transaction value which is not paid in cash immediately. For example, furniture purchased on credit. So,when the case is of credit transaction, one of the account need to be credited or debited.

In the Above example, the journal entry for the purchase of furniture on credit or account would be:

Furniture A/c..............Dr

   To Accounts Payable A/c......Cr