Question

purchase Goods On cash Rs 20,000 And on Credit Rs 30,000 Make Journal Entry???​

Answer 1

Answer:

Purchases A/c.   ...Dr.        50,000

           To Cash A/c.                         20,000

           To Creditor‘s A/c                  30,000  

(Being goods purchased, 20,000 by cash and 30,000 on credit)

Explanation:

Since a purchase is an expense, it will be debited and cash a/c will be credited as it is an asset being reduced. Creditor’s account will be credited as a new liability is being generated for the business

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