Question

purchased goods on credit rs2000

Answer 1

Purchases A/C  Dr.   Rs.2,000

         To Creditors A/C    Rs.2,000

(being goods purchased on credit )

Answer 2

This transaction affects two accounts.. Purchases account (Goods are Purchased) ,creditor account (purchased from creditor), )

The Three golden rules of accounting are

Personal account - Debit the receiver credit the giver

Nominal account - Debit All expenses and losses credit All incomes and gains

Real Account - Debit what comes in ,credit what goes out

segregating accounts: -

Real accounts..all assets and Liabilities come under it

Nominal accounts...all incomes gains losses expenses come under it

Personal account..as the Name suggests..


purchases is an expense it should be debited..

creditor is the giver..he should be credited..


So the Journal Entry will be.....

Purchases a/c Dr 2000

To creditor a/c 2000

(Being Goods Purchased from creditor)