Question

what will be the journal entry of
bought goods​

Answer 1

Here Purchases A/c is the purchase of goods which the company now owns it is an asset for the company to use it in the business or to sell. So debit Purchases A/c. In case of a credit purchase, “Purchase account” is debited, whereas, the “Creditor's account” is credited with the equal amount. Hi Am: Purchases A/c Dr.

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