What is the journal entry of octroi paid 600

1.	What is the journal entry of octroi paid 600
Answer» ANSWER: INWARD and carriage outward Carriage inward is paid by business to supplier when goods are purchased from supplier and are transported to business premises Carriage inward a/c dr To cash a/c Carriage inward is expense of business as carriage charges ( TRANSPORTATION charges ) are paid for getting goods from supplier so it is DEBITED because it is nominal account Cash goes out of business and REAL account so credited Carriage outward is paid when the goods are sold to customer. Carriage outward a/c dr

Answer»

INWARD and carriage outward

Carriage inward is paid by business to supplier when goods are purchased from supplier and are transported to business premises

Carriage inward a/c dr

To cash a/c

Carriage inward is expense of business as carriage charges ( TRANSPORTATION charges ) are paid for getting goods from supplier so it is DEBITED because it is nominal account

Cash goes out of business and REAL account so credited

Carriage outward is paid when the goods are sold to customer.

Carriage outward a/c dr

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