05-04-2009, 08:35 PM
1. House (full value) [debit] Bank downpayment [credit] account payable (remaining amount)[credit]
2 & 3 i didnt understand your question
4.this entry doesnt come under accounts payable
5.i think this does not requir any entry you will post entry when you pay this draft
6.when you make payement to supplier this can be in two situation
A. when you make advance payment. so it will be account recieavable not payble
B. 2nd you make payemnt after purchases here youll first pass entry account payable [credit] and purchases [debit] at time of purchases and when make payemnt then bank [debet] and account payable will be [credit]
2 & 3 i didnt understand your question
4.this entry doesnt come under accounts payable
5.i think this does not requir any entry you will post entry when you pay this draft
6.when you make payement to supplier this can be in two situation
A. when you make advance payment. so it will be account recieavable not payble
B. 2nd you make payemnt after purchases here youll first pass entry account payable [credit] and purchases [debit] at time of purchases and when make payemnt then bank [debet] and account payable will be [credit]
