Question

What will the journal entry for purchase goods on credit?

Answer 1

Purchases a c Dr.
To creditors a c

Plz mark it as brainliest.

Answer 2

Purchase of Goods on credit..


so this transaction affects two accounts ... purchases a/c (it is a nominal account.. because purchase is an expense..and all expenses losses Gains income come under nominal account) Creditors (seller's) a/c...(it is Personal account)..here creditor is the giver...


we know that...
Personal Account - Debit the receiver, credit the giver

Nominal Account - Debit All expenses and losses, credit All incomes and gains

so.... The Journal Entry will be..

Purchases a/c Dr. ××××

To Creditors (seller's name) a/c. ×××××

(being Goods Purchased on credit)