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what will be the journal entry for this transaction?
purchased furniture for personal use of rupees 2000.
now tell me is it business transaction or a personal
transaction??

Question Posted / narender kumar

Answers were Sorted based on User's Feedback



what will be the journal entry for this transaction? purchased furniture for personal use of rupees..

Answer / anand k shah

it is an personal transaction

Is This Answer Correct ?    18 Yes 6 No

what will be the journal entry for this transaction? purchased furniture for personal use of rupees..

Answer / narender kumar

if it is business transaction
it will be:
drawing a/c dr.
To cash a/c

and if it is personal transaction
there will be no entry bcoz of accounting concept.

Is This Answer Correct ?    17 Yes 13 No

what will be the journal entry for this transaction? purchased furniture for personal use of rupees..

Answer / bishal

Furniture A/C Dr.
To Cash A/C
It is a personal transaction

Is This Answer Correct ?    3 Yes 14 No

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