Question

Journal entry on purchase of horse

Answer 1

Answer:

horse AC Dr

To cash/bank

Answer 2

Purchase of Live Stock

Explanation:

                                  Books of (---- Limited)

                                       Journal entry

Date     Account Title and Explanation     Debit   Credit

           Live Stock           A/c Dr.                    xxx          

                   To Cash / Bank     A/c                            xxx

                 (Being horse purchased)

Explanation: The purchase of a horse is accounted for as livestock.

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