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Question
Goods given as charity should be credited to _________ account.
Goods given as charity should be credited to _________ account.
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Solution
The correct option is C Purchase
Charity refers to the voluntary giving of help, typically in the form of goods or money to those in need. When accounting for goods or article given as charity, The purchase are reduced with the exact cost of goods contributed. The journal entry for this transaction is as follows:Charity A/c........Dr. To Purchases A/c
Charity refers to the voluntary giving of help, typically in the form of goods or money to those in need. When accounting for goods or article given as charity, The purchase are reduced with the exact cost of goods contributed. The journal entry for this transaction is as follows:
Charity A/c........Dr.
To Purchases A/c
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