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purchase goods from Mohan Related: 01- Journal Part 1 - Class 11 - Ac...
Purchasing goods from Mohan: Journal Part 1 - Class 11 - Accounts
When a business purchases goods from a supplier, it is important to record the transaction in the accounting records. Let us discuss how to record the purchase of goods from Mohan in the journal.
Step 1: Identify the accounts affected
The accounts affected in this transaction are:
- Purchases Account
- Mohan's Account
Step 2: Determine the amount of the transaction
Assume that the business purchased goods worth Rs. 10,000 from Mohan.
Step 3: Record the transaction in the journal
The journal entry for the purchase of goods from Mohan would be:
| Date | Particulars | L.F. | Amount (Rs.) |
|---|---|---|---|
| DD/MM/YYYY | Mohan's Account | Dr. | 10,000 |
| To Purchases Account | Cr. | 10,000 |
Step 4: Post the journal entry to the ledger
The journal entry needs to be posted to the ledger accounts. The posting would be as follows:
Mohan's Account
| Date | Particulars | L.F. | Amount (Rs.) | Balance (Rs.) |
|---|---|---|---|---|
| DD/MM/YYYY | To Purchases Account | Cr. | 10,000 | 10,000 (Cr.) |
Purchases Account
| Date | Particulars | L.F. | Amount (Rs.) | Balance (Rs.) |
|---|---|---|---|---|
| DD/MM/YYYY | By Mohan's Account | Dr. | 10,000 | 10,000 (Dr.) |
Conclusion
The journal entry and ledger accounts provide an accurate record of the purchase of goods from Mohan. This information is important for preparing financial statements and monitoring the business's financial health.
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purchase goods from Mohan Related: 01- Journal Part 1 - Class 11 - Ac...
Purchase A/C ...dr to Mohan
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purchase goods from Mohan Related: 01- Journal Part 1 - Class 11 - Accounts?
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