Correct accounting
This query is : Resolved
14 January 2019
party has raised following our purchase invoice ( EXAMPLE)
BELOW WHICH IS THE CORRECT ENTRY
MATERIAL COST 1000
FREIGHT 300
INVOICE AMT. 1300
1) PURCHASE A/C DR.1300
TO PARTY A/C CR 1300
2) PURCHASE A/C DR. 1000
FREIGHT A/C 300
TO PARTY A/C CR 1300
WHICH IS CORRECT & AUTHENTIC METHOD
BELOW WHICH IS THE CORRECT ENTRY
MATERIAL COST 1000
FREIGHT 300
INVOICE AMT. 1300
1) PURCHASE A/C DR.1300
TO PARTY A/C CR 1300
2) PURCHASE A/C DR. 1000
FREIGHT A/C 300
TO PARTY A/C CR 1300
WHICH IS CORRECT & AUTHENTIC METHOD
15 January 2019
2 option is correct method of accounting
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