Question

pass journal entry for purchase horse for delivering goods

Answer 1

Living assets/ Horse A/c..........Dr.        XXX

To, Cash/Bank A/c                                                         XXX

(Being horse purchase for delivering goods)

Answer 2

Living assets/ Horse A/c..........Dr.        XXX

To, Cash/Bank A/c                                                         XXX

(Being horse purchase for delivering goods)

Explanation:

In the given question we are purchasing a horse for delivering goods there for making the horse a living asset, a living acid should be considered like a fixed asset or current asset therefore since there is an increase in the Asset will debit the living asset or the horse account, since we are paying through cash or other bank will debit cash account or bank account due to the deduction of funds from the company as assets will be credited when they decrease.

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