Question

purchased good for cash 1000 how to make entry in journal entry

Answer 1

Hello Frnd

Goods are termed as Real Account.
Because it is a current asset.

And Cash is also a Real Account.

The rule of Real Account says.. Debit what comes in, credit what goes out.

In the above transaction Goods are coming and Cash is going

Journal entry.

Purchases A/C Dr. 1000
To Cash A/C 1000

(being goods purchased for cash)



hope it helps
#jerri

Answer 2

Journal entry for purchased Goods for Cash:-

The Two Accounts involved in this transaction are ‛Purchases A/c’ and ‛Cash A/c’. Purchases A/c is a nominal Account and will be debited According to the rule of nominal account “Debit all expenses”. Cash A/c is a real Account and will be credited because of the rule of real account “Credit What goes out”.

So, The Journal entry for the above mentioned transaction is :-

Purchases A/c. Dr... 1,000
To Cash A/c. 1,000

[Being Goods Purchased for Cash].