Question

TRANSACTION :- Placed an order for goods worth rupees 7000 with mohan for which advance was paid rs-5500

I want to know what will be the journal entry for the above transaction​

Answer 1

Explanation:

journal entry. LF. ₹. ₹

Mohan a/c Dr 01. 5500.

cash a/c 5500

((Being order placed with Mohan for 7000

and paid 5500 as advance))

**here in LF_01 is the order no.

And when we paid remaining amount

Mohan a/c Dr 01. 1500

to cash a/c 1500

((Being remaining amount paid ))

**and here LF_01 will be closed.