Question

What is the journal entry for bought goods from alex on account?

Answer 1

Journal Entry :

Purchases A/C. Dr. Rs.xx

To Alex Rs.xx

(Being goods purchased from Alex)

Explanation :

According to the real account principle, debit what comes into the business. When purchases are made, goods are coming in. Hence, debited.

We bought goods from Alex on credit .Alex is our creditor. Hence , Alex is credited.

Answer 2

Hey mate ✌️✌️

Journal Entry ⏬⏬⏬


Purchase A/c.........................Dr
..........To Alex


☑️At the time of purchase of good ,purchase account is debited following the rule for expense account ,increase in expenses debited and decrease credited .


✨ Hope this helps you ✨