Pass journal entries
Purchased goods from mr x on credit 1000
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Answer Posted / anusha
Purchases are treated as expenses.
Expenses - nominal account -debit all expenses
so purchases account is debit.
Mr.X is an creditor because company owes to mr.x
mr.x - oersonal account- credit the benifit giver
so mr.x account is credit
| Is This Answer Correct ? | 19 Yes | 3 No |
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