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متابعة

Purchase of goods for cash from Mr. XYZ is to be recorded by?

Purchase of goods for cash from Mr. XYZ is to be recorded by:

(a) Debiting Purchases Account and Crediting Mr. XYZ Account

(b) Debiting Purchases Account and Crediting Cash Account

(c) Debiting Mr. XYZ Account and Crediting Cash Account

(d) Debiting Cash Account and Crediting Purchases Account

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تم إضافة السؤال من قبل Almutaz Bakry Sidahmed , Internal Audit Manager , Banan real estate
تاريخ النشر: 2015/03/10
IMTIAZUR RAHMAN
من قبل IMTIAZUR RAHMAN , Administration And Customer Care Officer , Amira Enterprises (Importers, Marketing & Retail Sales), Mississauga, Ontario

The answer is (b)- Debiting Purchases A/c and Crediting Cash A/c.

Muhammad Asif
من قبل Muhammad Asif , Accountant , Prestige Plastics LLC

debiting purchases and crediting cash account because its cash purchase not a credit so Mr. XYZ is irrelevant.

Muhammad Sajjad
من قبل Muhammad Sajjad , Chief Accountant , Hassan Kabbani Est. for Gen. Const. of Buildings (IKK Group of Companies)

100% option b is correct.

 

Purchases Account

      to  Cash account

Rey Portin
من قبل Rey Portin , Accountant , A. A. Busaili Sons Co. (Electrical & Mechanical Works).

Option B is the right answer:

      DR  Purchases

      CR  Cash

This entry used the Periodic Inventory System but if Perpetual Inventory System has been used, the entry would be:

      DR  Inventory or Merchandise Inventory

      CR  Cash

 

Abd ElRahman Mohammed Idris Mohammed
من قبل Abd ElRahman Mohammed Idris Mohammed , Internal Audit Manager , Kenana Sugar Company Limited

DR   Purchase A/C

CR   Cash      A/c

Vinod Kumar
من قبل Vinod Kumar , Operations Manager , Shalina Healthcare Ltd.

Purchase a/c Dr. To cash a/c (Goods purchase on cash)

Falak Sher Khan Khan
من قبل Falak Sher Khan Khan , Accountant , Star Marketing (Pvt) Ltd

Option (B) 

Dr. Purchases

Cr. Cash

Narayanan sargunan
من قبل Narayanan sargunan , Financial Controller , Almansoori Petroleum Industries

Inventory Account or Consumable Account Dr

To Cash

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