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JOURNAL ENTRY OF PURCHASE OF TIMBER

If u purchase Timber for business then entry

Purchases A/c Dr

To Cash A/c  ( If purchases made with cash basis )

To Creditors A/c  ( If purchases made with credit basis )

and purchase made for personal use

Purchase A/c  Dr

  To Drawings A/c

Vishwash Agarwal

mail - agarwal.vishwash@gmail.com , Contact - 9029534515 ,

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View Full Answer

 DRAWING A/C  DR. 

  TO CASH A/C

it is not mentioned whether the timber is purchased for office use or personal use

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Please find this answer

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If u purchase Timber for business then entry

Purchases A/c Dr

To Cash A/c??( If purchases made with cash basis )

To Creditors A/c??( If purchases made with credit basis )

and purchase made for personal use

Purchase A/c? Dr

? To Drawings A/c
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Purchase A/C Dr.
To cash A/C
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If u purchase Timber for business then entry

Purchases A/c Dr

To Cash A/c ( If purchases made with cash basis )

To Creditors A/c ( If purchases made with credit basis )

and purchase made for personal use

Purchase A/c Dr

To Drawings A/c
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Timber a/c Dr
To cash a/c
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Purchase a/c dr.
To cash a/c
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Timber A/C ...Dr XXX
TO cash A/C XXX
(Being the purchases timber on cash)
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Purchase A/C                    Dr
              To Cash A/C
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Purchase A/C ...Dr.
To, Cash A/C
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Timber a/c dr.
To cash a/c
(Being purchase timber)
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Purchase a/c. Dr.
To cash/bank / credit name a/c

Cr side depends on mode of purchase either cash , cheque,or credit purchase

Dr side is purchase ac in place of timber account beause in accounting terms timber word don't exist !!
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Purchase A/c Dr
To Cash A/c
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