Numerical Questions · Q18
Q.
The following information is given:
| Particulars | Amount (₹) |
|---|---|
| Opening creditors | 60,000 |
| Cash paid to creditors | 30,000 |
| Closing creditors | 36,000 |
| Returns Inward | 13,000 |
| Bill matured | 27,000 |
| Bill dishonoured | 8,000 |
| Purchases return | 12,000 |
| Discount allowed | 5,000 |
Calculate credit purchases during the year.
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Start your 14-day free trial to unlock the full solution →Prepare the Total Creditors Account. Cash paid, the bills payable accepted (bill matured ₹27,000), purchases return and the closing balance are debited; the opening balance and the dishonoured bill are credited. Credit purchases is the balancing figure. Returns inward ₹13,000 and discount allowed ₹5,000 relate to debtors and are excluded.
Total Creditors Account
| Date | Particulars | J.F. | Amount (₹) | Date | Particulars | J.F. | Amount (₹) |
|---|---|---|---|---|---|---|---|
| To Cash | 30,000 | By Balance b/d | 60,000 |
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