Question

Mohan spends 2,000 rupees as repair on purchase of machine from scrap dealer the transaction will ____

Answer 1

Answer:

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Answer 2

We are given details of a transaction that has taken place between Mohan and the scrap dealer. We are required to show the transaction will show in the books of account. It will be shown as under:

• Mohan has bought machinery from the scrap dealer.
• On the machinery, he has made an expense of Rs. $2000$.
• This is an expense made and according to the books of accounts, all expenses have to be debited.
• The repair is made by the way of cash.
• In other words, cash is going out of the business.
• According to the golden rules of account we have to credit what goes out.
• Therefore, the entry will be Repairs on Machinery a/c   $2000$

                                                      To, Casha/c                                       $2000$        

             (Being repairs of machinery paid)

PROJECT CODE:#SPJ3