While solving a transaction when buying goods when to use cash a/c. and when Bank a/c?
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Answered by
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If we are buying goods through cash, the entry will be:
Purchase A/c Dr
To Cash A/c
If we are buying goods through cheque the entry will be:
Purchase A/c Dr
To Bank A/c
And if it's simply written in question that "You are buying good from Ramesh" it means that you are buying goods on credit and in that case the entry will be:
Purchase A/c Dr
To Ramesh
Purchase A/c Dr
To Cash A/c
If we are buying goods through cheque the entry will be:
Purchase A/c Dr
To Bank A/c
And if it's simply written in question that "You are buying good from Ramesh" it means that you are buying goods on credit and in that case the entry will be:
Purchase A/c Dr
To Ramesh
Vickypanjiyar:
i waana ask if goods are purchased for some amount then
neither cash, nor bank and no name is given
as Building Purchased for rs 25000.
Then the entry will be:
Building A/c Dr. To Cash A/c
And yes the amount will come in every entry
Answered by
1
Following are the cases below ↓ while solving transactions , we use Cash A/c & Bank A/c in buying goods:-
◆ Case 1 :-
If we are buying goods through cash, the entry will be:
Purchase A/c Dr
To Cash A/c
(Being Goods purchased through cash)
◆ Case 2 :-
If we are buying goods through cheque the entry will be:
Purchase A/c Dr
To Bank A/c
(Being Goods purchased through cheque)..
◆ Case 1 :-
If we are buying goods through cash, the entry will be:
Purchase A/c Dr
To Cash A/c
(Being Goods purchased through cash)
◆ Case 2 :-
If we are buying goods through cheque the entry will be:
Purchase A/c Dr
To Bank A/c
(Being Goods purchased through cheque)..
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