Question

purchased furniture from furniture Mart for business Rs. 50000 and for personal use worth rs. 5000 on credit​

Answer 1

Answer:

Therefore, Journal entry of Resale furniture is,

Purchase A/C Dr…. Rs.5,000

To Cash/Bank A/C Rs.5,000

(Being the goods purchase)

And second journal entry for furniture use for office decoration.

Furniture A/C Dr….. Rs. 3,000

To Cash/Bank A/C Rs. 3,000

(Being the amount of furniture purchase)

Combined Journal entry

Purchase A/C Dr…. Rs.5,000

Furniture A/C Dr…. Rs.3,000

To Cash/Bank A/C Rs.8,000

(Being the amount of furniture and goods purchased)

Answer 2

Question

Make journal entries of the transactions?

Concept

Journal is a record that keeps all the financial transactions of a business. In this accountant records a transaction first time.

Given

Purchase of furniture on credit from Mart.

To do

Make journal entries.

Explanation

We have been given that purchase of furniture from Mart has been done on credit for business as well for personal use. So if we make journal entries of these transactions it will look like:

Furniture A/c Dr.       Rs.50000

Drawings A/c Dr.         Rs. 5000

To Mart A/c                                               Rs. 55000

(Purchase of furniture on credit)

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