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Actually i was going through a question . in that question it was writtern ki withdrawn from bank for purchases of stock and they debited the creditors accounts can someone help me with this ki what can be the reason behind this
Replies (1)
that is a compound entry of cash withdrawn and paid to creditor from whom the goods were previously purchased
for cash withdrawn
cash Dr
bank cr
for payment to creditor
creditor Dr
cash cr
or if directly paid through bank
creditor Dr
bank cr
for purchase of goods there has to be a separate entry.
for cash withdrawn
cash Dr
bank cr
for payment to creditor
creditor Dr
cash cr
or if directly paid through bank
creditor Dr
bank cr
for purchase of goods there has to be a separate entry.
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