Question

Purchase table fan for 1000 rupees for domestic use journal entries

Answer 1

table fan a/c dr 1000
to cash a/c. 1000

Answer 2

Table fan A/c…Dr  1000

To Cash A/c                      1000

(being table fan purchased)

Explanation:

Here in this question we are purchasing a table fan for thousand rupees this means cash is going out from our account therefore we will credit cash. As cash is an asset and when asset decreases will credit them as it is a part of the golden rule of accounting. We will debit the table fan account so that this particular journal entry will be justified.

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