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Following transaction Purchased goods from radhika Rs.15000 paying Rs.5000 cash and rest by cheque ?
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Following transaction Purchased goods from radhika Rs.15000 paying Rs....
Purchase of Goods from Radhika with Cash and Cheque


When a business purchases goods from a supplier, it is important to record the transaction accurately and in a timely manner. In this case, the business purchased goods from Radhika for Rs. 15,000, paying Rs. 5,000 in cash and the rest by cheque. Let's break down the transaction and its accounting treatment:


Step 1: Record the Purchase


  • Debit Purchases Account (Rs. 15,000) - this represents the cost of the goods purchased.

  • Credit Radhika's Account (Rs. 15,000) - this represents the liability owed to the supplier for the goods purchased.



Step 2: Record the Cash Payment


  • Debit Radhika's Account (Rs. 5,000) - this reduces the liability owed to the supplier for the cash payment made.

  • Credit Cash Account (Rs. 5,000) - this represents the cash payment made for the purchase.



Step 3: Record the Cheque Payment


  • Debit Radhika's Account (Rs. 10,000) - this reduces the liability owed to the supplier for the cheque payment made.

  • Credit Bank Account (Rs. 10,000) - this represents the cheque payment made for the purchase.



Step 4: Verify the Transaction

After recording the transaction, it is important to verify the accuracy of the accounting records. This can be done by reconciling the supplier's statement with the business's purchase ledger. Any discrepancies should be investigated and resolved in a timely manner.


Conclusion

By following the above steps, the business can accurately record the purchase of goods from Radhika and ensure that the supplier is paid in a timely manner. It is important to maintain accurate accounting records to facilitate decision-making and comply with legal and regulatory requirements.
Community Answer
Following transaction Purchased goods from radhika Rs.15000 paying Rs....
Purchase a/c dr. 15000
To cash a/c 5000
To bank a/c 10,000
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Record journal entries for Soraj Mart that furnishes the following information for the month of April, 2017: DateDetails01.4.2017Business started with cash INR 1,50,000.01.4.2017Goods purchased from Manisha INR 36,00001.4.2017Stationery purchased for cash INR 2,20002.4.2017Goods sold to Priya for INR 16,00003.4.2017Received a cheque of INR 16,000 from Priya05.4.2017Sold goods to Nidhi INR 14,000.-08.4.2017Nidhi pays INR 14,000 cash.10.4.2017Purchased goods for INR 20,000 on credit from Ritu.14.4.2017Insurance paid by cheque INR 6,000.18.4.2017Paid rent INR 2,000.24.4.2017Purchased office furniture for INR 11,200.29.4.2017Cash withdrawn for household purposes INR 5000.30.4.2017Interest received cash INR 1,200.30.4.2017Cash sales INR 2,300.30.4.2017Commission paid INR 3,000 by cehque.30.4.2017Telephone bill paid by cheque INR 2,000.30.4.2017Payment of salaries in cash INR 12,000.- Related: Introduction to Accounting?

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Following transaction Purchased goods from radhika Rs.15000 paying Rs.5000 cash and rest by cheque ?
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Following transaction Purchased goods from radhika Rs.15000 paying Rs.5000 cash and rest by cheque ? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Following transaction Purchased goods from radhika Rs.15000 paying Rs.5000 cash and rest by cheque ? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Following transaction Purchased goods from radhika Rs.15000 paying Rs.5000 cash and rest by cheque ?.
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