general entry for credit purchases, credit sales, golden
rules of accounting,what is contribution.
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Answer Posted / sahil ahuj
1 Purchase AC DEBIT
To Supplier AC CREDIT
2 Buyer/Party AC DEBIT
To Sales AC CREDIT
3 Real Acs (Dr What Comes in & Cr. What Goes Out)
Personal Acs (Dr. the Receiver and Cr. The Giver)
Nominal Acs (Dr All Exp $ Losses , Cr All Incomes & Gains )
4 Contribution = Sales - Varibale Cost or Selling Price/Unit - Variable Cost Per Unit
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