CBSE Class 11-commerce Answered
What will be the effect of purchasing goods for Rs 20,000 from mahesh on credit
Asked by Jchauhan330 | 08 Sep, 2019, 09:02: PM
Expert Answer
Entry to be passed for credit purchases from Mahesh is as follows:
Purchases A/c. Dr. 20,000
Mahesh's A/c. 20,000
(Being goods purchased and liability created in the name of Mahesh)
This transaction will increase the Stock of goods by 20,000 and also create a liability of 20,000 under creditors in the name of Mahesh.
Answered by Surabhi Gawade | 08 Sep, 2019, 10:09: PM
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