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Final Settlement with Partner (Dissolution)

Purchase of g...

Question

Purchase of goods on credit from A is recorded as ________________.

A

Debit purchases A/c; Credit cash A/c

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B

Debit A A/c; Credit purchase A/c

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C

Debit purchase A/c; Credit A's A/c

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D

Debit stock A/c; Credit purchase A/c

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Solution

The correct option is B Debit purchase A/c; Credit A's A/c
Journal Entry :-
Purchase A/c Dr...
To A's A/c..
(Being goods purchased from A on credit)

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Similar questions

Q. Purchases of goods on credit from A is recorded as __________.

Q. Some of the transactions of a firm are given below. Against each transaction the accounts to be debited and credited are given. There are some obvious errors. Point out the errors and give correct answers.
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(b) Credit purchase from Rohan Rs. 9000 were recorded in the sales book. However, Rohan's account was correctly credited.

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Q. Rectify the following errors assuming:-
that such a suspense account has been opened.
1. Goods costing ₹ 800 purchased from Sachin on credit were omitted to be credited to his account.
2. Goods costing ₹ 800 purchased from Sachin on credit were credited to his account as ₹ 80.
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4. Goods costing ₹ 800 purchased from Sachin on credit were posted to the debit of his account.
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Q. Rectify the following errors assuming that Suspense Account was opened. Ascertain the difference in Trial Balance.
(a) Credit sales to Mohan ₹ 7,000 were recorded in Purchase Book. However, Mohan's Account was correctly debited.
(b) Credit purchases from Rohan ₹ 9,000 were recorded in Sales Book. However, Rohan's Account was correctly credited.
(c) Goods returned to Rakesh ₹ 4,000 were recorded in Sale Returns Book. However, Rakesh's Account was correctly debited.
(d) Goods returned from Mahesh ₹ 1,000 were recorded through Purchase Returns Book. However, Mahesh's Account was correctly credited.
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