Vendor A/c Dr
To Purchases A/c Cr
In an entry what "TO"(Near Purchase) means or stands for or
used for or from which accounting angle we have to use.
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Answer / swetha
By accounting standard principles and concepts always
purchases should be debit
sales should be credit
for ex:if u purchase of goods on credit for rs 10/- from x
person then entry
purchases a/c - dr
To x a/c
if cash purchases means
purchases a/c -dr
To cash a/c
| Is This Answer Correct ? | 4 Yes | 1 No |
Answer / adapa.hemaseshasaithi
Dr has three different meanings depending upon the nature of the accounts
Personal account:Dr the receiver
Real account :Dr what comes in
Nominal account :Dr all expenses and losses
Cr also has three different meanings depending upon their nature of accounts
Personal account:Cr the receiver
Real account :Cr what goes out
Nominal account :Cr all incomes and gains
The word to is written in the second line to indicate that the dr is being transferred to the credit side of the respective a/c
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / adapa.hemaseshasaithi
Can anybody tell the nature of the purchases a/c and what is the reason for it?
| Is This Answer Correct ? | 0 Yes | 0 No |
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