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What will be the journal entry for the following -
1)Goods purchased from Mohan for Rs 5000
2)Goods purchased from Mohan on credit Rs 3000
3)Salary paid to Mohan
4)A sum of Rs 120 is realized on the sale of old furniture
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Answer Posted / sunder pal
PURCHASE A/C DR. 5000
TO MOHAN A/C 5000
(BEING GOODS PURCHASE)
PARCHASE A/C DR. 3000
TO MOHAN A/C 3000
(BEING GOODS PURCHASE FROM ON CREDIT)
SALARY A/C DR. .......
TO CASH/BANK A/C ........
ENTRY 1st & 2nd are same because if particular name given
of purchaser then we asume that goods purchase on credit.
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