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Purchased a cycle for office use 750 rupees? jounalise transaction?
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Purchased a cycle for office use 750 rupees? jounalise transaction?
Journal Entry for Purchase of Cycle for Office Use
Explanation
When a cycle is purchased for office use, it is considered as an expense for the business. The amount paid for the cycle is recorded as an asset in the books of accounts. The purchase of the cycle is recorded in the journal as follows:
Journal Entry
Account - Cycle for Office Use
- Debit - Rs. 750
- Account - Cash/Bank Account
- Credit - Rs. 750
Details of the Journal Entry
- Debit - Cycle for Office Use: This is an asset account. The amount paid for the cycle is recorded as an asset as it will be used for office purposes.
- Credit - Cash/Bank Account: This is a cash or bank account. The amount paid for the cycle is credited to this account as it is a cash transaction.
Conclusion
Recording the purchase of a cycle for office use is important for businesses to keep track of their expenses and assets. By recording this transaction in the journal, businesses can ensure that their books of accounts are accurate and up-to-date.
Community Answer
Purchased a cycle for office use 750 rupees? jounalise transaction?
I think it should be considered under vehicle
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Purchased a cycle for office use 750 rupees? jounalise transaction?
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Purchased a cycle for office use 750 rupees? jounalise transaction? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Purchased a cycle for office use 750 rupees? jounalise transaction? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Purchased a cycle for office use 750 rupees? jounalise transaction?.
Purchased a cycle for office use 750 rupees? jounalise transaction? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Purchased a cycle for office use 750 rupees? jounalise transaction? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Purchased a cycle for office use 750 rupees? jounalise transaction?.
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