Purchase Asset and Payment made some in Cash and Some at Later Date – Accounting of Transaction
Ex- Purchased plant for ₹3,00,000 by paying ₹ 15,000 in cash and balance at a later date.
- It affects Cash and Plant and Machinery on the assets side and liabilities on the other side of the equation.
- There is an increase in plant and machinery by ₹3, 00,000, and a decrease in cash by ₹ 15,000.
- Liability to pay to the supplier of plant and machinery increases by ₹ 2,85,000.
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