debit goods
credit cash
tax credit has nothing to do with actual purchase of goods.
[Debit] Purchase Return [Credit] Purchases
[Debit] Purchases[Credit] Accounts payable
debit accounts payablecredit purchase returns
Debit assetsCredit accounts payable
[Debit] Purchases [Credit] cash / bank
The journal entry is as follows: [Debit] Raw material XXXX [Credit] Cash/bank XXXX
entry for credit purchases isPurchases a/c drTo crediters a/c
BY VENDOR Dr TO BANK Cr
[Debit] Gift purchased [Credit] Cash / bank
what is the journal entry for purchase returns
[Debit] Purchases xxxx [Credit] Cash / bank / goods xxxx
Debit Expense Credit Bank