Question

Purchased goods for ₹20000 from X and supplied it to Y for ₹26000. pass it's journal entry

Answer 1

Purchase goods for Rs 2000 by paying cheque Rs 20,000.

Purchase A/c 20,000

To Bank a/c

(being goods purchased by cheque)

In the above entry purchase is Real A/c and Bank is Personal A/c

and rule of Real account is Dr what comes in and Personal A/c is Cr the giver her Purchase is debit as goods comes in the business and Bank is Cr as bank is giver of money.

Answer 2

For Purchase:

Purchase A/c -    Dr. Rs. 20,000/-
X A/c -        Cr. Rs. 20,000/-

For Sales :

Y A/c            - Dr. 26,000/-
Sales A/c     - Cr. 26,000/-