Question

What is the transaction of journal entry ' Goods purchased from Ravi on credit '

Answer 1

Here are the double entry accounting entries associated with a variety of business transactions: Buy merchandise. You buy $1,000 of goods with the intention of later selling them to a third party. The entry is a debit to the inventory (asset) account and a credit to the cash (asset) account.Purchases a/c Dr. So it depends upon the nature of transaction. ... Purchase Accounts is an expense for anyone and as per Rule it cannot be credited. Purchase Return account can be credited when you return goods which you have Purchased.

Answer 2

Purchases a/c. Dr.
To Ravi’s personal a/c
Hope this satisfies you