Question

Purchase business for Rs.2,00,000. what is the journal entry?? ​

Answer 1

Explanation:

Purchases A/c_Dr (2,00,000)

To Rahul (1,20,000)

To Cash A/c (80,000)

(Purchased goods from Rahul and paid ₹80000 to Rahul)

Reason : Purchases Account is debited because it increases the balance of Purchases(Expenses) Account, Rahul(Creditor) Account is credited because it increases the balance of Creditors(Liability) Account and Cash Account is credited because it decreases the balance of Cash(Assets) Account.

Answer 2

Answer:

2,00,000

Explanation:

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