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Purchase a goods from venkat for cash,it should be credited to
Whom
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Answer / yogendra.c
Answer is Cash A/c, As it is cash Purchase.
Journal Entry & Proof as follows:
---------------------------------
* Cash Purchase:
----------------
Dr. Purchases A/c (Real A/c, Dr.What Comes in)
Cr. Cash A/c (Real A/c, Cr. What goes out)
* Credit Purchase:
------------------
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)
| Is This Answer Correct ? | 9 Yes | 1 No |
Purchase a/c dr
To cash a/ c
( being purchased goods for cash from venkat)
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / srikanth.g
if it is credit purchase then entry will be
purchase a/c Dr XXXXXX
To Venkat & co a/c XXXXX
if it is cash purchase
then it is a payment voucher
venkat a/c Dr XXXXXX
To cash a/c XXXXX
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / junaidi
Purchase or Goods will be debited as Goods are coming in when we are purchasing goods
So Purchase A/C will be debited not cash
Entry will be
Purchase A/C Dr
To Cash A/C cr
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / praveen kumar
cash a/c. The entry is
Purchase a/c dr
To Cash a/c
| Is This Answer Correct ? | 1 Yes | 0 No |
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