Question

Purchased goods for cash from Sharma 5,000 Rs



Journal entries transactions
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Answer 1

Answer:

Above entry record at the time of booking of invoice . I would like to describe the reason behind debiting of purchase ac. And cr of shyam ac.

Since purchase account denotes something came into your business thats as per golden rules of accounts what comes in will dr. And what goes out of business will be cr.

Where's as per personal account rules cr. the receiver. Hence shyam will be comes under cr. Side.

Answer 2

Explanation:

Purchased goods for cash from Sharma 5,000 Rs