analysis the following transaction
translation: Purchased Motor Car on credit from Honda Co. for 30,000.
two aspects : ???
a/c involved : ??
categories : ??
rules appiled : ??
a/c to be debited : ??
a/c to be credited :??
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analysis the following transaction
translation: Purchased Motor Car on credit from Honda Co. for 30,000.
two aspects : ???
a/c involved : ??
categories : ??
rules appiled : ??
a/c to be debited : ??
a/c to be credited :??
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Analyse the following transaction.
Purchased Motor Car on credit from Honda Co. for 30,000.
Two aspects :
1) Machinery comes in the business
2) Honda Co. is the creditor
Accounts involved :
1) Motor Car A/C
2) Honda Co. A/C
Categories :
1) Expense A/C
2) Liability A/C
Rules Applied :
1) Increase in Asset
2) Increase in Liability
Account to be debited :
Purchase A/C
Account to be credited :
Honda Co. A/C
[Journal entry for the same transaction is :
Purchase A/C Dr. 30,000
To Honda Co. A/C 30,000]
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