Numerical Questions · Q15
Q.
Ascertainment of Missing Figures
From the following information calculate the amount to be paid to creditors:
| Particulars | Amount (₹) |
|---|---|
| Sundry creditors as on March 31, 2017 | 1,80,425 |
| Discount received | 26,000 |
| Discount allowed | 24,000 |
| Return outwards | 37,200 |
| Return inward | 32,200 |
| Bills accepted | 1,99,000 |
| Bills endorsed to creditors | 26,000 |
| Creditors as on April 01, 2016 | 2,09,050 |
| Total purchases | 8,97,000 |
| Cash purchases | 1,40,000 |
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Start your 14-day free trial to unlock the full solution →Prepare the Total Creditors Account. Credit purchases = Total purchases ₹8,97,000 − Cash purchases ₹1,40,000 = ₹7,57,000, shown on the credit side. Cash paid to creditors is the balancing figure. Discount allowed and return inward are debtor-side items and are excluded.
Total Creditors Account
| Date | Particulars | J.F. | Amount (₹) | Date | Particulars | J.F. | Amount (₹) |
|---|---|---|---|---|---|---|---|
| To Discount Received | 26,000 | By Balance b/d | 2,09,050 | ||||
| To Return Outwards | 37,200 | By Credit Purchases | 7,57,000 | ||||
| To Bills Payable (accepted) | 1,99,000 | ||||||
| To Bills Receivable (endorsed) | 26,000 | ||||||
| To Cash (paid) | 4,97,425 | ||||||
| To Balance c/d | 1,80,425 |
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