personal purchases of owner amounting to 300 had been recorded in the purchase day book give rectification entry why we treat those purchases as credit purchases and why not cash purchases
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personal purchases of owner amounting to 300 had been recorded in the purchase day book give rectification entry why we treat those purchases as credit purchases and why not cash purchases
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Answer:
Rectify entry
Drawing. account. dr. 300
To purchase account. 300
We treat it credit purchase because in purchase book only credit purchase are recorded
but this purchase is owner personal purchase
do it us not recorded in business