purchased machinery rs5000 and paid by the means of bank draft purchased from bank RS 5020 journal entry?
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Machinery a/c ----------- Dr 5020
To Bank ------------------------------------5000
To Bank commission------------------------20
To Bank ------------------------------------5000
To Bank commission------------------------20
sukanya15:
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Machinery A/C ...dr. 5,020
To Bank A/c 5,000
To Bank charges 20
Explanation:
- The journals are the daily transactions written in a systematic manner in the accounting books date wise and serial wise.
- A properly documented journal entry includes the date of the transaction, the amounts that are debited and credited, details of the transaction, and a specific reference number.
- As per the details, the purchase of machinery is recorded by debiting the machinery account and crediting the bank account and the bank charges.
Learn more: Journal Entry
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