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Pass journal entries
Purchased goods from mr x on credit 1000
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Answer Posted / sankeerthana
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
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