Credit Purchase entry
- 12 Answers
- 27984 Views
- EXL, Genpact, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / suburam
debit the purchase A/c and credit the credit suppliers A/c
| Is This Answer Correct ? | 52 Yes | 6 No |
Purchase account will be always debited.But the credit
entry will differ from occassion to occassion
1.If it is purchased on cash -Purchase Dr and Cash will be
credited
2.If it is purchased thru cheque Credit entry will be
replaced by Bank
3.If it is purchased on credit the credit entry will be
replaced by the suppliers name
If you keep all these things in mind it will be very easy
to transact any thing
Pl visit my Web www.therealaccountants.com
| Is This Answer Correct ? | 35 Yes | 3 No |
Answer / earasathiru6
if ur purchased Machinery here on credit that entry is
machinery A/c Dr
To Party A/c
( Being machinery purchased on credit)
If ur purchased goods or material for consumption or selling
purpose on credit base that entry is
Purchase A/c Dr
To Party A/c
(Being material purchse on credit base)
| Is This Answer Correct ? | 26 Yes | 1 No |
Answer / manish vatsaya
Purchase A/c -------Dr.
To,Suppliers A/c
| Is This Answer Correct ? | 18 Yes | 4 No |
Answer / md abdul bari
Purchases A/C Dr. xxxx
To Creditors A/C xxxx
| Is This Answer Correct ? | 15 Yes | 4 No |
Answer / vinay
Cr.Purchase A/c -------Dr.
To,Suppliers A/c
( Being credit purchase )
| Is This Answer Correct ? | 10 Yes | 3 No |
Answer / praveen sharma
When ever a cradit purchase is done two accounta are affected the purchase a/c & craditors a/c now as we know that the purchase a/c is a Real a/c & tha golden rule of real a/c says that Dr what comes in & cr what goes out so hare stock is comming so tha stock a/c or purchase a/c will be Debited & craditor a/c is a personal a/c and the rule of personal a/c says Dr the reciver & cr the giver now hair we see that the craditor is the giver of stock so according to rule craditor s a/c Willbe cradited
Purchase a/c Dr
To craditor s a/c
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / mehtab ahmad
purchase a/c dr.
to supplier a/c
(being credit purchase made from supplier(abc))
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / pradeep gunuguntla
Purchase A/C .. Dr
Accounts Payable A/c
| Is This Answer Correct ? | 5 Yes | 7 No |
EXPAND___________IMA
What is Capital redumtion Reserve ( CRR )?
short note on capital expenditure and revenue expenditure.
How do you value freehold property investment assets?
what is the fund flow and cash flow? what's diffenence between
Questions asked for the post of Manager (Finance) in a Public Sector company Subject of group discussions for the post of Manager (Finance) in a Public Sector company
about bank reconciliation
what is debit/credit note ? what deffered income and expencess?
expand B R S
Which game is played only by women
16 Answers Infosys, State Bank Of India SBI,
If a company purchase the goods for rs. 100 and intends to Sell it for 200. What is the journal entry for this?
18 Answers Cap Gemini, DataMonitor,
what balance does fixed assets show?
Audit 
