Interested to Buy Any Domain ? << Click Here >> for more details...
Pass journal entries
Purchased goods from mr x on credit 1000
- 22 Answers
- 76712 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / javid
when ever credit purchase ill come under accounting concept.
purchase a/c debited (b'coz debit what comes in)
Seller name a/c Credited( b'coz credit what goes out)
We have to mation the name of the creditors, b'coz we
purchase in credit, if we purchase through bank or cash, we
can assume cash or bank in credited.(Credit what goes out
cash or bank amt goes out)
| Is This Answer Correct ? | 8 Yes | 1 No |
Answer / gaurav mittal
Purchase A/c Dr. 1000
To Mr. X Cr. 1000
purchase under group purchase a/c and mr.x under group
sundry creditors
| Is This Answer Correct ? | 4 Yes | 0 No |
Dear Friends, Actually the entry
Purchase A/c. Dr. XXX
To Mr.X A/c. Cr. XXX
[This entry is correct [ but here again the question is
what you purchased again we need to show ie,. either
purchase of Goods or Raw Material etc,.]]
so instead of that
Good A/c. Dr. XXX
To Mr.X A/c. Cr. XXX
(Goods coming in from Mr.X)
Please pass your comments on it to my mail ID:
s4sridhar@gmail.com
| Is This Answer Correct ? | 7 Yes | 4 No |
Answer / ramidi swapna & ut
when we purchase the meterial from others like(X) on credit
base.we should pass the entry
Purchase A/C...Dr
to X A/C ......Cr
Becoz it will be on credit base..in this on cash basis like
a Purchase(godds or metrial)
to Cash
but in this including vat also,,incurred becoz when we
purchase goods we have to paid with Vat..
Purcgase A/C....dr
VAt A/C..........Dr
To X A/C............Cr
| Is This Answer Correct ? | 2 Yes | 0 No |
Shirish according to you goods sold to X. So pl read
carefully the question before you answer. Simple thing is
Credit sale is opposite to Purchase account.
Mr. Rakesh you dont know the basic princple.
Saranya you to credit the supplier but not the credit
Important thing to note down here is Purchases whether cash
or credit will be debited.If it is on credit you have to
credit cash, if it is on credit supply you have to credit
supplier
In this juncture I would like to recommend you all to
visit www.therealaccountants.com
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / deepakkumar
Purchase a/c Dr 2500
To Mr. X a/c 2500
(BEING CREDIT PURCHASE)
| Is This Answer Correct ? | 0 Yes | 0 No |
in accounting process there is summerizing. what is sumarizing? and an relevant example of summarizing?
how to transfer fund useing cashflow and fundsflow?
Tell me the types of accounts involved in double entry book-keeping?
How to calculate TDS on Directors Remuneration if director's age is around 35 years and salary is 59000/- per month. please suggest me with complete detail.
3 Answers ACPL, Ratna Natural Stones, Rupahali,
why the provision is created in profit and lose account
What is reversing journal entries?
If there is an excess amt of TDS paid under the head TDS on contractor, then how it can be shown in Annexure of TDS return?
How do you classify errors in accounting?
I have taken becup from tally how to restore another tally the same data.
we purchase one material from one party & sale it to other party but the product got problem so 1 st party give us a credit note now the question is how i pass jv in my co. account
when receieve cheque from a party and we deposite cheque in bank how do this entry
how to pass an entry for expenditure by deducting tds for customer
Audit 
