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Journal entry for purchased furniture from Delhi Safe for rs 40,000. (My answer is Furniture A/C Dr To Cash A/C In book, it is Furniture A/C Dr To Delhi Safe) But as we know we assume furniture paid in cash always.?? So which one is correct?
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Journal entry for purchased furniture from Delhi Safe for rs 40,000. (...
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Answer:
Introduction:
The journal entry for purchasing furniture from Delhi Safe for rs 40,000 is a fundamental accounting task. It requires us to record the transaction in a way that it is easily understandable and retrievable.
Explanation:
There are two ways to record the transaction, and both of them are correct, depending on the circumstances.
1. Furniture A/C Dr To Cash A/C:
If we assume that furniture has been paid in cash, then the journal entry would be Furniture A/C Dr To Cash A/C. This means that we are debiting Furniture Account and crediting Cash Account for the same amount, i.e., rs 40,000.
2. Furniture A/C Dr To Delhi Safe:
If we assume that furniture has not been paid in cash, then the journal entry would be Furniture A/C Dr To Delhi Safe. This means that we are debiting Furniture Account and crediting Delhi Safe Account for the same amount, i.e., rs 40,000.
Conclusion:
In conclusion, both journal entries are correct, depending on the circumstances. If furniture has been paid in cash, then we would use the first journal entry, and if it has not been paid in cash, then we would use the second journal entry. It is crucial to keep in mind that an accounting transaction should be recorded in a way that it accurately reflects the actual transaction and is easily understandable.
Answer:
Introduction:
The journal entry for purchasing furniture from Delhi Safe for rs 40,000 is a fundamental accounting task. It requires us to record the transaction in a way that it is easily understandable and retrievable.
Explanation:
There are two ways to record the transaction, and both of them are correct, depending on the circumstances.
1. Furniture A/C Dr To Cash A/C:
If we assume that furniture has been paid in cash, then the journal entry would be Furniture A/C Dr To Cash A/C. This means that we are debiting Furniture Account and crediting Cash Account for the same amount, i.e., rs 40,000.
2. Furniture A/C Dr To Delhi Safe:
If we assume that furniture has not been paid in cash, then the journal entry would be Furniture A/C Dr To Delhi Safe. This means that we are debiting Furniture Account and crediting Delhi Safe Account for the same amount, i.e., rs 40,000.
Conclusion:
In conclusion, both journal entries are correct, depending on the circumstances. If furniture has been paid in cash, then we would use the first journal entry, and if it has not been paid in cash, then we would use the second journal entry. It is crucial to keep in mind that an accounting transaction should be recorded in a way that it accurately reflects the actual transaction and is easily understandable.
Community Answer
Journal entry for purchased furniture from Delhi Safe for rs 40,000. (...
Book wala answer. sahi hai kyuki question mai cash toh likha hi nhi hai sirf delhi safe likha hai isliye answer hoga furniture a/c dr. to Delhi safe a/ c
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Journal entry for purchased furniture from Delhi Safe for rs 40,000. (My answer is Furniture A/C Dr To Cash A/C In book, it is Furniture A/C Dr To Delhi Safe) But as we know we assume furniture paid in cash always.?? So which one is correct?
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Journal entry for purchased furniture from Delhi Safe for rs 40,000. (My answer is Furniture A/C Dr To Cash A/C In book, it is Furniture A/C Dr To Delhi Safe) But as we know we assume furniture paid in cash always.?? So which one is correct? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Journal entry for purchased furniture from Delhi Safe for rs 40,000. (My answer is Furniture A/C Dr To Cash A/C In book, it is Furniture A/C Dr To Delhi Safe) But as we know we assume furniture paid in cash always.?? So which one is correct? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Journal entry for purchased furniture from Delhi Safe for rs 40,000. (My answer is Furniture A/C Dr To Cash A/C In book, it is Furniture A/C Dr To Delhi Safe) But as we know we assume furniture paid in cash always.?? So which one is correct?.
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