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Journalise the following transactions: jan 17: purchased goods for rupees 18000 on credit Jan 20: cash purchases rupees 15000?
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Journalise the following transactions: jan 17: purchased goods for rup...
**Journalizing Transactions: Jan 17 and Jan 20**
To journalize the given transactions, we need to record them in a journal entry format. A journal entry consists of the date of the transaction, the accounts affected, and the corresponding debits and credits.
Here are the journal entries for the given transactions:
**Jan 17: Purchased Goods on Credit for Rs. 18,000**
On January 17, the company purchased goods on credit for Rs. 18,000. This means the company acquired goods without making an immediate payment, and the amount will be paid at a later date.
The journal entry for this transaction would be as follows:
**Date: Jan 17**
**Accounts Affected:**
- Inventory (or Purchases) - Debit: Rs. 18,000
- Accounts Payable (or Creditors) - Credit: Rs. 18,000
Explanation:
- The Inventory (or Purchases) account is debited because the company acquired goods, which increases the value of inventory on hand.
- The Accounts Payable (or Creditors) account is credited because the company acquired goods on credit, creating a liability to pay the supplier in the future.
**Jan 20: Cash Purchases for Rs. 15,000**
On January 20, the company made a cash purchase of goods worth Rs. 15,000. This means the company paid the supplier in cash at the time of the purchase.
The journal entry for this transaction would be as follows:
**Date: Jan 20**
**Accounts Affected:**
- Inventory (or Purchases) - Debit: Rs. 15,000
- Cash - Credit: Rs. 15,000
Explanation:
- The Inventory (or Purchases) account is debited because the company acquired goods, increasing the value of inventory on hand.
- The Cash account is credited because the company made a cash payment for the purchase.
In summary, for the given transactions:
- On January 17, goods were purchased on credit, resulting in an increase in inventory and a liability to pay the supplier in the future.
- On January 20, goods were purchased for cash, resulting in an increase in inventory and a decrease in cash.
To journalize the given transactions, we need to record them in a journal entry format. A journal entry consists of the date of the transaction, the accounts affected, and the corresponding debits and credits.
Here are the journal entries for the given transactions:
**Jan 17: Purchased Goods on Credit for Rs. 18,000**
On January 17, the company purchased goods on credit for Rs. 18,000. This means the company acquired goods without making an immediate payment, and the amount will be paid at a later date.
The journal entry for this transaction would be as follows:
**Date: Jan 17**
**Accounts Affected:**
- Inventory (or Purchases) - Debit: Rs. 18,000
- Accounts Payable (or Creditors) - Credit: Rs. 18,000
Explanation:
- The Inventory (or Purchases) account is debited because the company acquired goods, which increases the value of inventory on hand.
- The Accounts Payable (or Creditors) account is credited because the company acquired goods on credit, creating a liability to pay the supplier in the future.
**Jan 20: Cash Purchases for Rs. 15,000**
On January 20, the company made a cash purchase of goods worth Rs. 15,000. This means the company paid the supplier in cash at the time of the purchase.
The journal entry for this transaction would be as follows:
**Date: Jan 20**
**Accounts Affected:**
- Inventory (or Purchases) - Debit: Rs. 15,000
- Cash - Credit: Rs. 15,000
Explanation:
- The Inventory (or Purchases) account is debited because the company acquired goods, increasing the value of inventory on hand.
- The Cash account is credited because the company made a cash payment for the purchase.
In summary, for the given transactions:
- On January 17, goods were purchased on credit, resulting in an increase in inventory and a liability to pay the supplier in the future.
- On January 20, goods were purchased for cash, resulting in an increase in inventory and a decrease in cash.
Community Answer
Journalise the following transactions: jan 17: purchased goods for rup...
1.purchase a/c dr. 18000
To creditors a/c 18000
(Being purchased goods for rupees 18000 on credit)
2. purchase a/c dr. 15000
To cash a/c 15000
(Being cash purchases rupees 15000)
To creditors a/c 18000
(Being purchased goods for rupees 18000 on credit)
2. purchase a/c dr. 15000
To cash a/c 15000
(Being cash purchases rupees 15000)
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Journalise the following transactions: jan 17: purchased goods for rupees 18000 on credit Jan 20: cash purchases rupees 15000?
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Journalise the following transactions: jan 17: purchased goods for rupees 18000 on credit Jan 20: cash purchases rupees 15000? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Journalise the following transactions: jan 17: purchased goods for rupees 18000 on credit Jan 20: cash purchases rupees 15000? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Journalise the following transactions: jan 17: purchased goods for rupees 18000 on credit Jan 20: cash purchases rupees 15000?.
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