Question

pass a journal entry:-
Purchase goods in cash rs 40,000 and from Shyam 60,000​

Answer 1

Answer:

the following entry passed assuming purchase of goods from Shyam on credit basis-

Purchase of Goods A/C - Dr

To Shyam A/C

(Being Goods purchased from Shyam of Rs…)

here purchase of goods A/c goes directly in Stat. of P/L as an expenditure and Shyam A/c in Balance Sheet under the head creditor.

If purchased on Cash basis then following entry will be passed

Purchase of Goods A/C - Dr

To Cash A/C

(Being Goods purchased in cash of Rs…)

here purchase of goods A/c goes directly in Stat. of P/L as an expenditure and Cash A/c reduced from Cash and bank balance head in Balance sheet .

Answer 2

Answer:

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