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Vinod deals in furniture business journalise his following transactions 1 purchased furniture from furniture mart for business rs 50000 and for personal use worth rs 50000 on credit?
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Vinod deals in furniture business journalise his following transaction...
Journal Entries for Vinod's Furniture Business Transactions
Introduction:
Vinod owns a furniture business and he purchased furniture from Furniture Mart for business purposes and for personal use. He made the purchase on credit. In this scenario, we need to journalize the given transactions.
Purchase of Furniture for Business Purposes:
Vinod purchased furniture worth Rs. 50,000 from Furniture Mart for his business. The journal entry for this transaction is:
Date | Particulars | L.F. | Debit | Credit
| Furniture | 50,000 |
| Furniture Mart | | 50,000 |
Explanation:
- Furniture account is debited with Rs. 50,000 as an increase in assets.
- Furniture Mart account is credited with Rs. 50,000 as a decrease in liabilities.
Purchase of Furniture for Personal Use:
Vinod also purchased furniture worth Rs. 50,000 from Furniture Mart for his personal use. The journal entry for this transaction is:
Date | Particulars | L.F. | Debit | Credit
| Furniture (Personal) | 50,000 |
| Furniture Mart | | 50,000 |
Explanation:
- Furniture (Personal) account is debited with Rs. 50,000 as an increase in assets.
- Furniture Mart account is credited with Rs. 50,000 as a decrease in liabilities.
Conclusion:
In conclusion, Vinod purchased furniture worth Rs. 50,000 from Furniture Mart for his business and for personal use. He made the purchase on credit. We journalized the given transactions by creating separate accounts for furniture and Furniture Mart.
Introduction:
Vinod owns a furniture business and he purchased furniture from Furniture Mart for business purposes and for personal use. He made the purchase on credit. In this scenario, we need to journalize the given transactions.
Purchase of Furniture for Business Purposes:
Vinod purchased furniture worth Rs. 50,000 from Furniture Mart for his business. The journal entry for this transaction is:
Date | Particulars | L.F. | Debit | Credit
| Furniture | 50,000 |
| Furniture Mart | | 50,000 |
Explanation:
- Furniture account is debited with Rs. 50,000 as an increase in assets.
- Furniture Mart account is credited with Rs. 50,000 as a decrease in liabilities.
Purchase of Furniture for Personal Use:
Vinod also purchased furniture worth Rs. 50,000 from Furniture Mart for his personal use. The journal entry for this transaction is:
Date | Particulars | L.F. | Debit | Credit
| Furniture (Personal) | 50,000 |
| Furniture Mart | | 50,000 |
Explanation:
- Furniture (Personal) account is debited with Rs. 50,000 as an increase in assets.
- Furniture Mart account is credited with Rs. 50,000 as a decrease in liabilities.
Conclusion:
In conclusion, Vinod purchased furniture worth Rs. 50,000 from Furniture Mart for his business and for personal use. He made the purchase on credit. We journalized the given transactions by creating separate accounts for furniture and Furniture Mart.
Community Answer
Vinod deals in furniture business journalise his following transaction...
For Business
Furniture Dr Rs50000
To bank/creditor Rs50000
For Personal use
Vinod a/c Dr Rs50000
To bank/Creditor Rs50000
(being furniture purchased by vinod for personal use on firm's account)
Furniture Dr Rs50000
To bank/creditor Rs50000
For Personal use
Vinod a/c Dr Rs50000
To bank/Creditor Rs50000
(being furniture purchased by vinod for personal use on firm's account)
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Vinod deals in furniture business journalise his following transactions 1 purchased furniture from furniture mart for business rs 50000 and for personal use worth rs 50000 on credit?
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Vinod deals in furniture business journalise his following transactions 1 purchased furniture from furniture mart for business rs 50000 and for personal use worth rs 50000 on credit? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Vinod deals in furniture business journalise his following transactions 1 purchased furniture from furniture mart for business rs 50000 and for personal use worth rs 50000 on credit? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Vinod deals in furniture business journalise his following transactions 1 purchased furniture from furniture mart for business rs 50000 and for personal use worth rs 50000 on credit?.
Vinod deals in furniture business journalise his following transactions 1 purchased furniture from furniture mart for business rs 50000 and for personal use worth rs 50000 on credit? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Vinod deals in furniture business journalise his following transactions 1 purchased furniture from furniture mart for business rs 50000 and for personal use worth rs 50000 on credit? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Vinod deals in furniture business journalise his following transactions 1 purchased furniture from furniture mart for business rs 50000 and for personal use worth rs 50000 on credit?.
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