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Credit purchase of machine is entered in...

Credit purchase of machine is entered in purchase journal.

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Accounting and journal entry for credit purchase includes 2 accounts, mortal and get. In case of a journal entry for money purchase, brokerage account and get account area unit used.
The person to whom the money is owed is named a “Creditor” and therefore the quantity owed may be a current liability for the corporate
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Pass the Journal entries rectifying the following errors: (i) Purchases of Rs. 10,000 was omitted to be recorded. (ii) Purchases of office furniture of Rs. 10,000 was recorded in Purchases Book. (iii) Office Rent of Rs. 15,000 was debited to the Personal Account of the landlord. (iv) Old machine sold for Rs. 5,000 was credited to Sales Account. (v) Bill for Rs. 800 received from Mukesh for repair of machinery was entered in the Purchases Book as Rs. 700.

Goods purchased on cash are recorded in the :

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Rectify the following errors : (a) Furniture purchased for  10,000 wrongly debited to purchases account. (b) Machinery purchased on credit from Raman for  20,000 was recorded through purchases book. (c) Repairs on machinery  1,400 debited to machinery account. (d) Repairs on overhauling of secondhand machinery purchased  2,000 was debited to Repairs account. (e) Sale of old machinery at book value of  3,000 was credited to sales account.