Purchases on credit and cashForums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Purchases on credit and cashThis topic has 1 reply, 2 voices, and was last updated 4 years ago by John Moffat.Viewing 2 posts - 1 through 2 (of 2 total)AuthorPosts January 23, 2021 at 6:48 pm #607698 applessauceMemberTopics: 85Replies: 65☆☆Sir I wanted to know what is the double entry for purchasesWhen you purchase by creditI think that it is debit purchases credit trade payablesWhen you purchase by cashI think that it is debit inventory credit cashsir 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 MoffatKeymasterTopics: 57Replies: 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.AuthorPostsViewing 2 posts - 1 through 2 (of 2 total)You must be logged in to reply to this topic.Log In Username: Password: Keep me signed in Log In