Question

Make a Journal Entry

Jan 15 Bought Furniture Rs. 10,000

Class 11 Accountancy

No Spamming

Answer 1

heyaa,,,
it's journal entry will be;
furniture a/c Dr 10,000
to creditors a/c. 10,000.
(being furniture purchase on credit)
here,
cash is not paid so, the giver of furniture will be creditor for us.


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Answer 2

Hello!!

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The journal entry for "Bought Furniture Rs. 10,000 on Jan. 15 will be:-

Furniture Account . Dr 10,000.
To Creditors Account 10,000
(being furniture purchased)

here, Furniture account will be debited because it is a fixed asset which is increasing and we know that when assets increase we debit it.

Creditors is being credited because it is increasing and we know that it is a type of liability and when liability increase , we credit it!!
Here creditors is being credited because no information regarding cash.

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