Question

purchased furniture from furniture mart for business Rs. 50,000 and for personal use worth Rs. 5,000 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

hope it's help full