Journal Entry for Purchase of Goods from Kamlesh for Rs 15000

The journal entry for the purchase of goods from Kamlesh for Rs 15000 would include the following:

Date: Date of the transaction
Particulars: Name of the account to be debited or credited
Debit: Amount to be debited
Credit: Amount to be credited

The journal entry would be as follows:

Date: [Date of the transaction]

Particulars | Debit | Credit
---|---|---
Purchases | Rs 15000 |
Kamlesh | | Rs 15000

Explanation of the Journal Entry

1. Purchases Account
The Purchases account is a nominal account that represents the cost of goods purchased by the business for resale or for use in the production process. It is debited with the cost of goods purchased from Kamlesh.

2. Kamlesh Account
Kamlesh account is a personal account that represents the supplier from whom the goods have been purchased. It is credited with the cost of goods sold to the business.

Benefits of Journal Entry

The journal entry for the purchase of goods from Kamlesh for Rs 15000 helps in maintaining the accuracy of the accounting records of the business. It also helps in keeping track of the amount owed to Kamlesh and helps in making payments on time. Additionally, it helps in determining the cost of goods sold and calculating the gross profit of the business.

Conclusion

The above-mentioned journal entry is a simple example of a transaction for the purchase of goods from a supplier. It is essential to maintain accurate and updated accounting records to ensure the smooth functioning of the business.

Purchase A/c ...Dr. 15,000 To Kamlesh 15,000