Purchased furniture of Rs. 8000 against goods costing Rs. 7000. what will be the journal entry?

Question

Answer

Journal Entry for Purchasing Furniture

Debit Furniture Account: Rs. 8000

Credit Cash/Bank Account: Rs. 8000

Explanation:

When a business purchases furniture for its office or any other purpose, it is considered an expense for the business. The journal entry for such a transaction includes the following:

Debit Furniture Account: The amount paid for purchasing furniture is an expense for the business and is debited to the Furniture Account. In this case, the amount is Rs. 8000.

Credit Cash/Bank Account: The amount paid for purchasing furniture is credited to the Cash/Bank Account as it is an outflow of cash from the business. In this case, the amount is Rs. 8000.

Therefore, the journal entry for purchasing furniture for Rs. 8000 against goods costing Rs. 7000 would be a debit of Rs. 8000 to Furniture Account and a credit of Rs. 8000 to Cash/Bank Account.

It is important to note that the cost of goods sold is not recorded in this transaction as it is a separate expense. The furniture purchased will be recorded as a fixed asset in the balance sheet and will be depreciated over its useful life.

Answer

Furniture a/c dr. 8000
To purchase a/c 7000
To profit and loss a/c 1000

Answer

Furniture a/c.    Dr.8000       To stock a/c.       7000        To cash a/c.        1000

Answer

Furniture a/c Dr. 8000

to cash a/c - 8000.

THANK YOU!

Answer

Furniture a/c. Dr...8000
To sales a/c. 7000
To cash a/c. 1000

Answer

Furniture A/c. Dr. 8000 To sales A/c 7000 To cash A/c. 1000

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