Question

Purchased furniture what is the journal entry

Answer 1

Given "Furniture Purchased"

This transaction affects two accounts Furniture a/c , Cash a/c ... Where furniture a/c and cash a/c are Real accounts(all assets and liabilities come under Real account)


The Three golden rules of accounting are

Personal account - Debit the receiver, credit the giver

Real account - Debit What comes in, credit what goes out

Nominal account - Debit All expenses and losses, credit all incomes and Gains

So Per the above rules..since Furniture is incoming.. should be debited.and cash is going out should be credited..


So the Journal Entry will be

Furniture a/c Dr xxxx

To cash a/c. xxxx

(Being furniture bought)

Answer 2

Journal entry

Furniture A/c Dr   
     To cash or bank A/c 
(being furniture purchased)