Question

Purchase goode rs warth 300 from Kamal rs 500 from vimal on credit

Answer 1

Answer:

Explanation:

3 golden rules

• debit the receiver , credit the giver

• debit what comes in , credit what goes out

• debit all the expenses and losses , credit all the incomes and gains

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reason for debit and credit

Purchase A/c - Nominal A/c , its a expense to the company , therefore its debited

Kamal A/c - personal A/c , hes the giver of goods , therefore its credited

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Journal entry

Purchases A/c  DR

      To kamal A/c

(being goods purchased on credit )