Numerical Questions · Q16
Q.
Find out the credit purchases from the following:
| Particulars | Amount (₹) |
|---|---|
| Balance of creditors April 01, 2016 | 45,000 |
| Balance of creditors March 31, 2017 | 36,000 |
| Cash paid to creditors | 1,80,000 |
| Cheque issued to creditors | 60,000 |
| Cash purchases | 75,000 |
| Discount received from creditors | 5,400 |
| Discount allowed | 5,000 |
| Bills payable given to creditors | 12,750 |
| Return outwards | 7,500 |
| Bills payable dishonoured | 3,000 |
| Bills receivable endorsed to creditors | 4,500 |
| Bills receivable endorsed to creditors dishonoured | 1,800 |
| Return inwards | 3,700 |
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Start your 14-day free trial to unlock the full solution →Prepare the Total Creditors Account. Payments (cash and cheque), discount received, bills payable given, returns outward, bills receivable endorsed and the closing balance are debited; the opening balance and the two dishonours (bills payable and endorsed bill) are credited. Credit purchases is the balancing figure.
Total Creditors Account
| Date | Particulars | J.F. | Amount (₹) | Date | Particulars | J.F. | Amount (₹) |
|---|---|---|---|---|---|---|---|
| To Cash | 1,80,000 | By Balance b/d | 45,000 | ||||
| To Bank (Cheque issued) | 60,000 | By Bills Payable (dishonoured) | 3,000 | ||||
| To Discount Received | 5,400 | By Bills Receivable endorsed (dishonoured) | 1,800 |
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