Gd evening mates !
Journal Entry (Without GST)
-- Purchased computer against cheque from Computer Mart, Noida.
have a great day ahead^^
Life☯️Love❤️Peace☮️
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Gd evening mates !
Journal Entry (Without GST)
-- Purchased computer against cheque from Computer Mart, Noida.
have a great day ahead^^
Life☯️Love❤️Peace☮️
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Answer :
Golden Rules of Journal
Personal account rule
Debit- The receiver.
Credit- The giver.
Real account rule
Debit- What comes in.
Credit- What goes out.
Nominal account rule
Debit- All expenses and losses.
Credit- All incomes and gains.
Now
The journal; entry will be
Computers A/C DR
To Bank A/C
(Being Purchased computer against cheque from Computer Mart, Noida.)
Short explanation
Payment has been made by cheque therefore, no creditors will be created in the name of Computer Mart and instead bank account will be credited and Computer will debited.