Question

Purchased goods from ravi and payment made through net banking

Answer 1

Purchase A/c. Dr.
To Bank

Answer 2

3 golden rules

• debit the receiver , credit the giver

• debit what comes in , credit what goes out

• debit all the expenses and losses , credit all the incomes and gains

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reason for debit and credit

Purchases A/c - nominal A/c , where is the expenses to the company therefore its debited

Bank A/c - personal A/c , in this case bank gives the money to the supplier , therefore its credited .

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Journal entry

Purchases A/c Dr

To bank A/c

(being goods purchased and paid through net banking )