Goods Purchased on Credit – Analysis of Transaction -10
Goods purchased from Sumit Traders for ₹ 55,000
Analysis of transaction :
This transaction increases purchases (expenses) and increases liabilities (M/s Sumit Traders as creditors) by ₹ 55,000.
- Increases in expenses are debited and
- Increases in liabilities are credited.
Journal-
Debit to Purchases account and credit to Sumit Traders account.
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