Question

Should goods for cash rs 15000

Answer 1

Answer:

phle apka question kya hey mate........

Answer 2

Answer:

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

plz mark me brainlist ❤