Difference between purchase Assets and expenses entrys?
What is Purchase ? Purchase is a word that we used for Buy something Products or servicr. In accounting purchases is the amount of goods a company bought throughout this year. It also refers to information as to the kind, quality, quantity, and cost of goods bought that should be maintained. They are added to inventory. Purchases are offset by Purchase Discounts and Purchase Returns and Allowances. Example : Mr. Ram Brought a Box of Pen from Maa Tara stationary for ₹ 250. In Accounting we used this Sentences like this : Mr. Ram Purchase a Box of Pen from Maa Tara stationary for ₹ 250. Purchase Entry Example in Tally Accounts :- Ledgers 1. Purchase A/C Under the Purchase Accounts 2. All of the Salers A/C will under the Sundry Creditors Like_ Ram Purchase from mr. X . so hear Mr. X is Sundry Creditors. 1. Credit Pu...