Question

Purchased goods for rs 12000 from upendra and made a partial payment of rs.8000

Answer 1

Hey mate✌️✌️

Journal Entry ⏬⏬⏬⏬

Purchase A/c.......................................Dr
.............To cash A/c
..............To Payble A/c

Answer 2

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Pass Journal Entry

Purchased goods for rs 12000 from upendra and made a partial payment of rs.8000

Answer:

Purchases A/c Dr.   12000

           To Cash                          8000

           To Upendra A/c             4000

(Being purchases made from Upendra and partial amount paid)

Explanation:

Journal Entry-

• In order to document a business transaction in the accounting records of the company, a journal entry is employed.
• A journal entry is often made in the general ledger, but it can also be made in a subsidiary ledger and subsequently rolled forward into the general ledger after being summarized.
• After then, the general ledger is utilised to produce the company's financial statements.

"Golden Rules of Accounting-

• Debit the receiver and credit the giver.
• Debit what comes in and credit what goes out.
• Debit expenses and losses, credit income and gains."

In the given question we will-

• Debit the purchases as they are expenses.
• Credit the cash A/c as it goes out.
• Credit Upendra A/c as Upendra is the giver.

Hence, the journal entry for the given transaction will be passed as above and will be posted in the Purchases ledger.

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