What will be journal entry sy machine purchased
Answers
Explanation:
What is the journal entry for a purchased machinery?
ANS:Assuming that machinery has been purchased by cash, from the point of view of business, the two accounts affected are-
ANS:Assuming that machinery has been purchased by cash, from the point of view of business, the two accounts affected are-Machinery a/c
ANS:Assuming that machinery has been purchased by cash, from the point of view of business, the two accounts affected are-Machinery a/cAND
ANS:Assuming that machinery has been purchased by cash, from the point of view of business, the two accounts affected are-Machinery a/cANDCash a/c
ANS:Assuming that machinery has been purchased by cash, from the point of view of business, the two accounts affected are-Machinery a/cANDCash a/cBoth the abovementioned accounts are real accounts.
ANS:Assuming that machinery has been purchased by cash, from the point of view of business, the two accounts affected are-Machinery a/cANDCash a/cBoth the abovementioned accounts are real accounts.Machinery a/c will be debited in this case as machinery is coming into the business. The Golden rule of real accounts says 'Debit what comes in, Credit what goes out'.
ANS:Assuming that machinery has been purchased by cash, from the point of view of business, the two accounts affected are-Machinery a/cANDCash a/cBoth the abovementioned accounts are real accounts.Machinery a/c will be debited in this case as machinery is coming into the business. The Golden rule of real accounts says 'Debit what comes in, Credit what goes out'.Cash a/c will be credited in this case as cash is going out of the business. The Golden rule of real accounts says 'Debit what comes in, Credit what goes out'.
ANS:Assuming that machinery has been purchased by cash, from the point of view of business, the two accounts affected are-Machinery a/cANDCash a/cBoth the abovementioned accounts are real accounts.Machinery a/c will be debited in this case as machinery is coming into the business. The Golden rule of real accounts says 'Debit what comes in, Credit what goes out'.Cash a/c will be credited in this case as cash is going out of the business. The Golden rule of real accounts says 'Debit what comes in, Credit what goes out'.Hence the journal entry will be-
ANS:Assuming that machinery has been purchased by cash, from the point of view of business, the two accounts affected are-Machinery a/cANDCash a/cBoth the abovementioned accounts are real accounts.Machinery a/c will be debited in this case as machinery is coming into the business. The Golden rule of real accounts says 'Debit what comes in, Credit what goes out'.Cash a/c will be credited in this case as cash is going out of the business. The Golden rule of real accounts says 'Debit what comes in, Credit what goes out'.Hence the journal entry will be-Machinery a/c ……………….…Dr
ANS:Assuming that machinery has been purchased by cash, from the point of view of business, the two accounts affected are-Machinery a/cANDCash a/cBoth the abovementioned accounts are real accounts.Machinery a/c will be debited in this case as machinery is coming into the business. The Golden rule of real accounts says 'Debit what comes in, Credit what goes out'.Cash a/c will be credited in this case as cash is going out of the business. The Golden rule of real accounts says 'Debit what comes in, Credit what goes out'.Hence the journal entry will be-Machinery a/c ……………….…DrTo Cash a/c
ANS:Assuming that machinery has been purchased by cash, from the point of view of business, the two accounts affected are-Machinery a/cANDCash a/cBoth the abovementioned accounts are real accounts.Machinery a/c will be debited in this case as machinery is coming into the business. The Golden rule of real accounts says 'Debit what comes in, Credit what goes out'.Cash a/c will be credited in this case as cash is going out of the business. The Golden rule of real accounts says 'Debit what comes in, Credit what goes out'.Hence the journal entry will be-Machinery a/c ……………….…DrTo Cash a/c(Being machinery purchased)
ANS:Assuming that machinery has been purchased by cash, from the point of view of business, the two accounts affected are-Machinery a/cANDCash a/cBoth the abovementioned accounts are real accounts.Machinery a/c will be debited in this case as machinery is coming into the business. The Golden rule of real accounts says 'Debit what comes in, Credit what goes out'.Cash a/c will be credited in this case as cash is going out of the business. The Golden rule of real accounts says 'Debit what comes in, Credit what goes out'.Hence the journal entry will be-Machinery a/c ……………….…DrTo Cash a/c(Being machinery purchased)Note - If payment for machinery is made by cheque, Bank a/c will be credited instead of Cash a/ c.
Answer:
The journal entry is as follows:
Machinery a/c dr
To Cash/Bank a/c
Machinery is asset and real a/c. As asset comes in so it is debited
If payment is made by cash, so cash is credited because cash is real a/c and cash goes out of business. If payment is made by cheque so bank is credited because bank is personal a/c and giver