Journal for Purchased goods for 40000 on credit from Sudhir and paid 500 for carriage on these goods .?

Question

Answer

Particulars Debit (Rs.) Credit(Rs.)

Purchase a/c Dr 40000

Carriage a/c Dr. 500

To Sudhir 40000

To Cash a/c 500

(Being Goods Purchased From sudhir on credit

and cash paid for carraige)

Answer

Purchase a/c Dr 40000
Carriage a/c Dr 500
To Sudhir 40000
To Cash a/c 500 (goods purchased on credit from Sudhir and carriage paid)

Answer

Purchase a/c. dr. 40500 to sudhir

Answer

Purchased Goods on Credit from Sudhir

- Journal Entry:
- Debit: Purchases - $40,000
- Credit: Accounts Payable - $40,000

Paid Carriage on Purchased Goods

- Journal Entry:
- Debit: Carriage - $500
- Credit: Accounts Payable - $500

Explanation

Purchased Goods on Credit from Sudhir
When goods are purchased on credit, it means that the buyer does not make an immediate payment but agrees to pay the amount at a later date. In this case, goods worth $40,000 were purchased from Sudhir on credit. To record this transaction, we need to make a journal entry.

To record the purchase of goods, we will debit the Purchases account. Purchases is an expense account that represents the cost of goods acquired for resale. In this case, the Purchases account will be debited for $40,000.

At the same time, we need to credit the Accounts Payable account. Accounts Payable is a liability account that represents the amount owed to suppliers for goods or services purchased on credit. The credit entry will also be $40,000 to reflect the increase in the liability.

Paid Carriage on Purchased Goods
Carriage refers to the transportation cost incurred to bring the purchased goods to the buyer's location. In this case, $500 was paid for carriage on the purchased goods. To record this payment, we need to make a journal entry.

We will debit the Carriage account with $500. The Carriage account is an expense account that represents the transportation cost. The debit entry reflects the increase in the expense.

At the same time, we need to credit the Accounts Payable account with $500. This credit entry will reduce the outstanding liability to Sudhir for the carriage cost.

Overall, these journal entries reflect the purchase of goods on credit from Sudhir and the subsequent payment made for the carriage of those goods. These entries ensure accurate recording of the transactions and maintain the financial records of the business.

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