What is the journal entry of good use for own office
Answers
Answer:
Given "Goods taken for office use"
This transaction affects two accounts Purchases a/c , cash a/c..where Purchases is a nominal account(all expenses incomes gains losses come under nominal account) , cash is a real account.(All assets and Liabilities come under Real account)..
The Three golden rules of accounting are
Personal account - Debit the receiver , credit the giver
Real account - Debit what comes in, credit what goes out
Nominal account- Debit All expenses and losses, credit all incomes and Gains
As Per the above rules..since Purchase is expense should be debited and cash is going out should be credited....
The Journal Entry will be..
Purchases a/c. Dr. xxxx
To cash a/c xxxx
(Being Goods Purchased for cash)
Explanation:
mark me as a Brainliest pls
Answer:
drawing AC Dr
to office