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Journal Entry for Purchase Goods for Cash

Purchase Goods for Cash In this transaction goods “comes in” on purchasing of goods and therefore purchase A/c is debited on purchase of goods and cash goes out therefore cash A/c credited the entry is as follows. Date   Particulars   LF   Debit Amount   Credit Amount   xx   Purchase A/c Dr.   To Cash A/c   [Being the goods were acquired, and the payment was made in cash]     Amount     Amount  

Prepare a double column cash book with the help of following information for December 2016:

01   Started business with cash   1,20,000   03   Cash paid into bank   50,000   05   Purchased goods from Sushmita   20,000   06   Sold goods to Dinker and received a cheque   20,000   10   Paid to Sushmita cash   20,000   14   Cheque received on December 06, 2010, deposited into bank     18   Sold goods to Rani   12,000   20   Cartage paid in cash   500   22   Received cash from Rani   12,000   27   Commission received   5,000   30   Drew cash for personal use   2,000   Solution:   Cash Book   Dr.                   Cr.   Date   Particulars   LF   Cash   Bank   Date   Particulars   LF   Cash   Bank   2016           2016           Dec.01   Capital     1,20,000     Dec. 03   Bank   C   50,000     Dec.03   Cash   C     50,000   Dec. 10   Sushmita     20,000     Dec.06   Dinker     20,000     Dec. 14   Bank   C   20,000     Dec.14   Cash   C     20,000   Dec. 20   Cartage     500     Dec.22   Rani     12,000     Dec. 30   Drawings   C   2,000     Dec.27   Commission     5,000    
Excitement surges as Prime Minister Narendra Modi inaugurates Atal Setu, India's longest sea-bridge, with an enticing announcement – toll rates set at just Rs 250 for a one-way trip and Rs 375 for a round trip in the first year! PM Modi's symbolic journey from INS Shikara in Colaba marked the grand commencement. In Navi Mumbai, he dedicated three pivotal infrastructure projects, laying the foundation stone for another. This Rs 21,200 crore investment plan, unfolding over five years, not only enhances Atal Setu's accessibility but also integrates the city's waterfronts with tunnels and flyovers.

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