Purchase a goods from venkat for cash,it should be credited to
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Answer Posted / yogendra.c
Answer is Cash A/c, As it is cash Purchase.
Journal Entry & Proof as follows:
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* Cash Purchase:
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Dr. Purchases A/c (Real A/c, Dr.What Comes in)
Cr. Cash A/c (Real A/c, Cr. What goes out)
* Credit Purchase:
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1. Purchase entry:
Dr. Puchases A/c (Real A/c, Dr.What Comes in)
Cr. Creditor A/c (Personal A/c, Credit the Giver)
2. Payment Entry to Creditor:
Dr. Creditor A/c (Personal A/c, Dr.the receiver)
Cr. Cash A/c (Real A/c, Cr. What goes out)
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