Question

Ram ne Mohan se Mal kharida 5000 rupees ka iska journal entry kya hoga​

Answer 1

Answer:

Stock A/c .........Dr. 5,000

To Cash/Bank. 5,000

Answer 2

Journal is the process of recording transactions in the books of the firm.

• Journal entry for the given transaction will be -
• If the payment has been made in cash.

Purchase A/C DR 5,000

           To Cash A/C 5,000

(Being goods purchased with cash)

• If the purchase is made on credit, the entry will be-

Purchase A/C DR 5,000

            To Mohan A/C 5,000

(Being goods purchased on credit)

• Journal is a way of recording transactions whether economic or not.
• It is an accounting diary that shows the debit and credit balances of the organization.
• Multiple recordings, each of which is either a debit or a credit, may be included in the journal entry.
• They encompass every transaction involving the exchange of money, including interest payments, depreciation, costs, and payroll.
• They are not just restricted to the purchasing and selling of goods and services.

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