Accountancy, asked by abiprecollege, 1 year ago

Journal entry for Payment of cash for petrol

Answers

Answered by sambathbhavyaa
24

Power and Fuel A/C Dr.

To Cash A/C

(Being Cash paid for petrol )

Answered by sujiritha95
22

3 golden rules


personal accounts - debit the received and credit the giver

real accounts -debit what comes in and credit what comes out

nominal accounts - debit all the expenses and losses, credit all the income and gains


as per the question 2 accounts affect purchase account and Cash account


Purchase account - Nominal account

cash account - real account


by applying the golden rules ,

payment for petrol is expenses therefore its debit . cash is real account which goes out of business therefore its credit .


Journal entry

Petrol or fuel charges A/c Dr

To Cash A/c

(Being paid for petrol)


Hope its useful..!!

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