Question of the Day: M&M Ltd. purchased raw material on credit. After 6 months they paid their supplier by cheque. Which of the following accounts in its books will get affected and how?

Question

Poll Results

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Answer 1

Bank account - debit, Raw Material expense - credit, Bills payable - first credit then debit

Answer 2

Bank account - credit, Raw Material expense - debit, Bills payable - first credit then debit

Answer 3

Bank account - credit, Raw Material expense - debit, Bills payable - first debit then credit

Answer 4

Bank account - debit, Raw Material expense - credit, Bills payable - first debit then credit

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