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Purchased furniture for Rs.6,000 for the proprietor and paid the amount by cheque. What will be Journal entry for this question?
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Purchased furniture for Rs.6,000 for the proprietor and paid the amoun...
Furniture a/c Dr.
To bank a/c
(purchased furniture and paid amount by cheque)
To bank a/c
(purchased furniture and paid amount by cheque)
Community Answer
Purchased furniture for Rs.6,000 for the proprietor and paid the amoun...
Journal Entry for Furniture Purchase:
The journal entry for buying furniture for Rs.6,000 for the proprietor and making payment by cheque will involve the following accounts:
1. Furniture Account: This account will be debited with Rs.6,000 as it is an asset and its value has increased.
2. Bank Account: This account will be credited with Rs.6,000 as the payment was made through a cheque.
The journal entry will be as follows:
Journal Entry
Particulars | Debit | Credit
Furniture Account | Rs.6,000 | -
Bank Account | - | Rs.6,000
Explanation:
The above journal entry shows that the Furniture account is debited with Rs.6,000 as it is an asset and its value has increased. The Bank account is credited with Rs.6,000 as the payment for the furniture was made through a cheque.
Conclusion:
The purchase of furniture for Rs.6,000 for the proprietor and making payment by cheque is a simple transaction that involves the debit of the Furniture account and credit of the Bank account. The above journal entry records the transaction and helps in maintaining accurate financial records.
The journal entry for buying furniture for Rs.6,000 for the proprietor and making payment by cheque will involve the following accounts:
1. Furniture Account: This account will be debited with Rs.6,000 as it is an asset and its value has increased.
2. Bank Account: This account will be credited with Rs.6,000 as the payment was made through a cheque.
The journal entry will be as follows:
Journal Entry
Particulars | Debit | Credit
Furniture Account | Rs.6,000 | -
Bank Account | - | Rs.6,000
Explanation:
The above journal entry shows that the Furniture account is debited with Rs.6,000 as it is an asset and its value has increased. The Bank account is credited with Rs.6,000 as the payment for the furniture was made through a cheque.
Conclusion:
The purchase of furniture for Rs.6,000 for the proprietor and making payment by cheque is a simple transaction that involves the debit of the Furniture account and credit of the Bank account. The above journal entry records the transaction and helps in maintaining accurate financial records.
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Purchased furniture for Rs.6,000 for the proprietor and paid the amount by cheque. What will be Journal entry for this question?
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Purchased furniture for Rs.6,000 for the proprietor and paid the amount by cheque. What will be Journal entry for this question? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Purchased furniture for Rs.6,000 for the proprietor and paid the amount by cheque. What will be Journal entry for this question? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Purchased furniture for Rs.6,000 for the proprietor and paid the amount by cheque. What will be Journal entry for this question?.
Purchased furniture for Rs.6,000 for the proprietor and paid the amount by cheque. What will be Journal entry for this question? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Purchased furniture for Rs.6,000 for the proprietor and paid the amount by cheque. What will be Journal entry for this question? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Purchased furniture for Rs.6,000 for the proprietor and paid the amount by cheque. What will be Journal entry for this question?.
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