purchased machinary from ram and gave him a cheque for amount ? pass journal entry ....soon pls
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Answered by
3
Hello the journal entry will be=》
Purchase a/c dr
to bank a/c
(being paid for machinery by cheque)
hope it helps...
Purchase a/c dr
to bank a/c
(being paid for machinery by cheque)
hope it helps...
vishalsainidhalu:
hii
?.
ok
Answered by
2
The Current transaction affects two accounts .. Furniture account, bank account.. because furniture is bought by cheque ...(they are Real accounts; all assets and Liabilities come under Real account; furniture and bankbalance are assets) ..
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
In contention with the above rules...
furniture account should be debited (it is a Real ccount/furniture is coming ine)
bank account should be credited (it is a Real account/cash is Going out)
The Journal Entry will be....
Furniture a/c Dr ××××
To bank a/c. ××××
(Being furniture purchased)
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
In contention with the above rules...
furniture account should be debited (it is a Real ccount/furniture is coming ine)
bank account should be credited (it is a Real account/cash is Going out)
The Journal Entry will be....
Furniture a/c Dr ××××
To bank a/c. ××××
(Being furniture purchased)
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