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Purchases on credit and cash

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Purchases on credit and cash

  • This topic has 1 reply, 2 voices, and was last updated 4 years ago by John Moffat.
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  • Author
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  • January 23, 2021 at 6:48 pm #607698
    applessauce
    Member
    • Topics: 85
    • Replies: 65
    • ☆☆

    Sir I wanted to know what is the double entry for purchases

    When you purchase by credit

    I think that it is debit purchases
    credit trade payables

    When you purchase by cash

    I think that it is debit inventory
    credit cash

    sir if this is correct then i have a further doubt to why we don’t record purchases when you buy it by cash

    January 24, 2021 at 10:15 am #607739
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54699
    • ☆☆☆☆☆

    The entry for purchase on credit is correct.

    For purchases for cash, the entry is Debit Purchases and Credit Cash.

    I really do think that you are not watching my free lectures because these entries are fully explained in the lectures working through Chapter 3 of our lecture notes.

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