Question

purchased goods from mr Y on credit ₹2000​

Answer 1

Explanation:

Option 1

Purchases A/c_Dr (2,000)

To X's A/c (2,000)

(Being goods purchased from Mr. X on credit)

Reason : Purchases Account is debited because it increases the balance of Purchases(Expenses) Account and X(Creditor) Account is credited because it increases the balance of Creditor(Liability) Account.

Option 2

Journal Entry Of Puchase Goods On Credit From MR. X worth ₹2000

Purchase A/C Dr. 2000 —

To Mr. X A/C Cr. — 2000

{Being Credit Purchase From Mr. X}