Question

Purchased calculator of price 1000 what is the journal entry of this question

Answer 1

Answer:

Stationery/Calculator A/c Dr. 1000

To Cash / Bank. 1000

(Being calculator purchased)

Explanation:

Answer 2

Answer:

Office equipment A/c Dr.  1000

           To Cash                         1000

(Being calculator purchased)

Explanation:

• The purchase amount is debited from the Office Equipment account and credited to the Cash or Loan account when you register an Office Equipment .
• You later reduce the Office Equipment  value to reflect the  equipment's  depreciation over time.
• When you purchase materials on account, you must make a journal entry with one debit and one credit.
• "Golden Rules of Accounting-

1. All Personal Accounts say -Debit the receiver , credit the giver.
2. All Real Accounts say -Debit what comes in , credit what goes out.
3. All Nominal Accounts say -Debit expenses and losses, credit income and gains."

• Office Equipment is a Real account therefore applying Rule 2 , we will debit the equipment account.
• Cash is also a Real Account therefore applying Rule 3, we will credit the cash account.

Hence, we can conclude that the office equipment account will debited with Rs. 1000,  that is its purchase price while the cash account will be credited.

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