Accountancy, asked by Fasvin6944, 1 year ago

purchased furniture without cash

Answers

Answered by RohitSaketi
0
"Purchased furniture without cash" means furniture is Purchased on credit..

So this transaction affects 2 accounts...
Furniture (real account) and Creditors (Personal 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

Furniture is incoming/increasing so should be debited
Creditors are at the recieving end so should be credited

The Journal Entry will be

Furniture a/c Dr

To creditors a/c

(being furniture Purchased on credit)
Answered by sujiritha95
0
Journal entry 

Furniture A/c Dr   
      To creditor or supplier A/c 
(Being purchased furniture)


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