Question

Panch ratan processor purchased machinery at a cost of 460000on1jan2017

Answer 1

Explanation:

transaction dated 1/1/2017

entries:))

condition no. 1) -

if machinery purchased on cash ::)))

machinery ac. ......dr. 46k

to cash ac 46k

( being machinery pur. on cash )

condition no. 2) -

if machinery purchased on credit basis::))))

machinery ac. ......dr. 46k

to supplier's ac. 46k

(being machinery purchased on credit from supplier)

here credit is given to supplier's ac. (in condition no. 2 ) bcz he is giver

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