Question

purchase goods on credit

Answer 1

Purchases a c Dr.
To Creditors a c

plz mark it as brainliest.

Answer 2

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

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

Creditor  A/c - Personal A/c , where creditor  is giver of goods therefore its credited

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Journal entry

Purchases A/c    Dr    

          To Creditor  A/c                

(being goods purchased for credit)