Question

timber is used for making furniture rs500( assume that the firm is merchant )



if possible pls ans this asap !
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Answer 1

Answer:

Didn't understood your question...

Answer 2

Explanation:

The journal entry is

Furniture a/c ……Dr 500

To Purchase a/c. 500

(Goods used to furnish the office)

Rationale

Furniture is an asset and hence it is debited and purchase is also treated as real a/c and hence it is credited)

The rule is debit what comes in credit what goes out.