Question

Journal entry
Purchase goods for rupees 20000 out of which goods of rupees 12000 were on credit from Satyam Lal

Answer 1

purchase Dr20000

cash cr12000

shatyam8000

Answer 2

In this question, we need to pass the necessary journal entries.

Purchased goods of 20,000 of which 12,000 is of credit and the rest in cash.

In the books of seller

Satyam Lal A/C DR  12,000

Cash A/C DR  8,000

                  To Sales A/C 20,000

( Being sales done and payment received in cash and on credit)

In the books of the purchaser

Purchase A/C DR 20,000

         To Cash A/C 8,000

          To Seller A/c 12,000

( Being goods purchased and payment made in credit as well as cash )

RULES OF JOURNAL ENTRY-

In the case of Asset and Expenses if they increase they are debited and when they decrease they are credited.

In the case of Capital and Liability when they increase they are credited and when they decrease they are debited.

PROJECT CODE #SPJ2

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