Question

journal entry for purchased goods rs 25000 from jaydev.

Answer 1

Answer:

Purchases A/c_Dr (2,00,000)

To Rahul (1,20,000)

To Cash A/c (80,000)

(Purchased goods from Rahul and paid ₹80000 to Rahul)

Reason : Purchases Account is debited because it increases the balance of Purchases(Expenses) Account, Rahul(Creditor) Account is credited because it increases the balance of Creditors(Liability) Account and Cash Account is credited because it decreases the balance of Cash(Assets) Account.

Thank You very much to give your Precious Time for my Answer.

Answer 2

Answer:

Purchases A/c Dr 25000 ----

To Jaydev A/c ---- 25000