Question

journal entry for.........issued a cheque in favour of m/s kumar timber compony on account of the purchase of timber of rs 1500

Answer 1

purchases a/c....dr. 1500
to bank a/c. 1500
(being payment made by cheque)

Answer 2

Purchase account debit to bank account credit.  

Purchase A/c…..Dr      1500

To Bank a/c                            1500

Explanation:

Here in this particular situation cheque is being issued in favour of Kumar Timber company which means money is going out of the bank account of our firm and our purchases are increasing which means the Purchase account will be debited as it is a debit nature account since money is being transferred to Kumar's company, company will be credited.

This is derived on the golden rule of accounting which says that it credit the giver and debit the receiver which suits are situation given above.

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