can anyone give the journal entry with the amount
10 tv bought in the business for 1000 each, out of which
one is installed.
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Answer Posted / sourav
The journal entry depends on the following:
1.If the TVs are purchased for a trading purpose,then it
will be:
Purchase A/C Dr. 10000
To Bank/Cash A/c 10000.
(As the Tvs are purchased for Trading purpose then there is
no need to capitalise any TV)
2.If the TVs are purchased for the business and not for
sale,then it will be:
Purchase A/C Dr. 10000
To Cash/Bank A/c 10000
Fixed asset A/c Dr. 1000
To Purchase A/c 1000
(As the TVs are purchased for business purpose therefore
the TV that is installed has been capitalised)
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