Should goods for cash rs 15000
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phle apka question kya hey mate........
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When we purchase goods on credit , it increases liability of us because we are not paying anything at the time of buying the goods but will clear the balance later. So the amount that we will be paying later needs to be showed in our books in the form of liability. The journal entry for this will be
Dr. Purchase account
Cr. Accounts payable account
Once you pay the creditor you will need to process the below entry
Dr. Accounts payable account
Cr. Cash account
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