Question

What is journal entry for:-
(Challan Number 2425 received for goods purchased of Rs. 2000.)

Answer 1

Answer:

Interest receivable is the amount of interest that has been earned, but which has not yet been received in cash. The usual journal entry used to record this transaction is a debit to the interest receivable account and a credit to the interest income account.

Answer 2

Answer:

Purchases A/c Dr.      6,000

Input CGST A/c Dr.    360

Input SGST A/c Dr.    360

   To Cash A/c                      6,500

   To Discount Received A/c   220

*Purchases = 6,720/112%=6,000

Explanation: