Question

purchased goods from suresh for cash ₹3000 (journal entry​

Answer 1

Answer:

I don't know this answer for your question

Answer 2

Purchases A/c                          ---dr            3,000

         To Cash A/c                                                   3,000

(Being goods purchased for cash from Suresh.)

GIVEN: Purchased goods from Suresh for cash ₹3000
TO FIND Journal Entry for purchased goods from Suresh for cash ₹3000.
SOLUTION:

As we are given in the question,

A business firm purchases goods costing Rs.3,000 from Suresh by making Cash payments.

Therefore,

We may debit the purchases account as it is treated as an expense account, and when expenses increase we may debit it.

Also, Cash must be credited as it is a current asset, and when an asset decreases it is to be credited.

Therefore, the journal entry for the same shall be passed as:

Purchases A/c                          ---dr            3,000

         To Cash A/c                                                   3,000

(Being goods purchased for cash from Suresh.)

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