Purchase a/c Dr
Input vat a/c Dr
To Party a/c
(Being goods purchased on credit from supplier/creditor.)
The journal entry is the accounting entry which lists the goods that are bought on credit.
debit goods returnedcredit accounts receivable
Purchases a/c dr Accounts Payable cr
Debit goods purchasedCredit cashYes goods account is called "Inventory" account
L/C related all journal entries
[Debit] cash / bank / goods [Credit] Owner's equity
When goods are sold on credit, the journal entry typically includes a debit to Accounts Receivable and a credit to Sales Revenue. For example, if goods worth $1,000 are sold on credit, the entry would be: Debit: Accounts Receivable $1,000 Credit: Sales Revenue $1,000 This reflects the increase in receivables and the recognition of revenue from the sale.
Debit Cash / bank / goods Credit Capital account
[Debit] A account xxxx [Credit] Sales revenue xxxx
debit accounts payablecredit purchase returns
[Debit] Purchases xxxx [Credit] Cash / bank / goods xxxx
[Debit] Goods lost [Credit] Inventory account