Question

What is journal entry of purchased machinery from ankita Rs 5000?​

Answer 1

Explanation:

the purchase of any asset should be included in the cost of such asset, because it is capital expenditure. Therefore, while recording such transaction, only asset account is debited including expenses, and cash account is credited. For example; machinery purchased for

Answer 2

Explanation:

Machinery A/C .. Dr 5000

To Ankita A/C 5000

(Being machine purchased)