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Pass journal entries
Purchased goods from mr x on credit 1000
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Answer / javid
when ever credit purchase ill come under accounting concept.
purchase a/c debited (b'coz debit what comes in)
Seller name a/c Credited( b'coz credit what goes out)
We have to mation the name of the creditors, b'coz we
purchase in credit, if we purchase through bank or cash, we
can assume cash or bank in credited.(Credit what goes out
cash or bank amt goes out)
| Is This Answer Correct ? | 8 Yes | 1 No |
Answer / gaurav mittal
Purchase A/c Dr. 1000
To Mr. X Cr. 1000
purchase under group purchase a/c and mr.x under group
sundry creditors
| Is This Answer Correct ? | 4 Yes | 0 No |
Dear Friends, Actually the entry
Purchase A/c. Dr. XXX
To Mr.X A/c. Cr. XXX
[This entry is correct [ but here again the question is
what you purchased again we need to show ie,. either
purchase of Goods or Raw Material etc,.]]
so instead of that
Good A/c. Dr. XXX
To Mr.X A/c. Cr. XXX
(Goods coming in from Mr.X)
Please pass your comments on it to my mail ID:
s4sridhar@gmail.com
| Is This Answer Correct ? | 7 Yes | 4 No |
Answer / ramidi swapna & ut
when we purchase the meterial from others like(X) on credit
base.we should pass the entry
Purchase A/C...Dr
to X A/C ......Cr
Becoz it will be on credit base..in this on cash basis like
a Purchase(godds or metrial)
to Cash
but in this including vat also,,incurred becoz when we
purchase goods we have to paid with Vat..
Purcgase A/C....dr
VAt A/C..........Dr
To X A/C............Cr
| Is This Answer Correct ? | 2 Yes | 0 No |
Shirish according to you goods sold to X. So pl read
carefully the question before you answer. Simple thing is
Credit sale is opposite to Purchase account.
Mr. Rakesh you dont know the basic princple.
Saranya you to credit the supplier but not the credit
Important thing to note down here is Purchases whether cash
or credit will be debited.If it is on credit you have to
credit cash, if it is on credit supply you have to credit
supplier
In this juncture I would like to recommend you all to
visit www.therealaccountants.com
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / deepakkumar
Purchase a/c Dr 2500
To Mr. X a/c 2500
(BEING CREDIT PURCHASE)
| Is This Answer Correct ? | 0 Yes | 0 No |
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