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general entry for credit purchases, credit sales, golden
rules of accounting,what is contribution.
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Answer Posted / naveen kumar.karumuri
Entry for Credit Purchases.:-
Dr.Purchases account
Cr.Vendor Account
(Narration.Being the Dr.Purchases Payment not yet paid)
Entry for Credit sales:-
Dr.Sales Account.
Cr.Customer Account
(Being Credit Sales payment not yet paid)
Golden rules for Accouting.
There are 3 types.
1.Personal Account(Dr.the Receiver,Cr the Giver)Best Ex.cash
2.Real Account(Dr.What comes In,Cr.What goes out)Best Ex.Assets
3.Nominal Accounts(Dr.All Expenditure,Cr.All Gains)Best ex.Dr.interest Paid,Cr,Interest Recd
Thank you,
Naveen Kumar.Karumuri
Accounts Executive
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