Purchased goods from mr star on credit

1.	Purchased goods from mr star on credit
Answer» This transaction affects two accounts PURCHASES account (Goods are Purchased) and Mr Star account (purchases are made on credit).. purchases account is a NOMINAL account (All EXPENSES losses Gains income come under it).. Mr Star account is a Personal account. The Three golden rules of accounting are Personal account - Debit the receiver, credit the giver REAL account - Debit what comes in, credit what goes out Nominal account - Debit All expenses and losses, credit All INCOMES and gains In contention with the above rules. purchases is an expense so it should be debited and Mr Star is the giver, so he should be credited ted.. The Journal Entry will be.. purchases a/c Dr xxxx To Mr Star a/c xxxxx (Being Goods Purchased from Mr Star on credit)

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Tois question based GISTBasie Prodquet? Gust Sales SupplyАB 2200150800118.00 to 20018.001 300 Intre statoI istrustile12.00 lo1120 Istrestaleb.Tabb Trade Details (sales and purchaseJitems opening stat I purchased sold closingo0104803oa) find out belowgiveoQuestionsCGST ,SGST , LGST final balance?1. use different lable for saleand purchas drade.Neft profit from the trade?closing stock valuations ?

Purchased goods from mr star on credit

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