Numerical Questions · Q17
Q.
From the following information calculate total purchases.
| Particulars | Amount (₹) |
|---|---|
| Creditors April 01, 2016 | 30,000 |
| Creditors March 31, 2017 | 20,000 |
| Opening balance of Bills payable | 25,000 |
| Closing balance of Bills payable | 35,000 |
| Cash paid to creditors | 1,51,000 |
| Bills discharged | 44,500 |
| Cash purchases | 1,29,000 |
| Return outwards | 6,000 |
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Start your 14-day free trial to unlock the full solution →Prepare the Total Bills Payable Account to find bills accepted (₹54,500). Carry this into the Total Creditors Account, where credit purchases is the balancing figure (₹2,01,500). Total purchases = credit purchases + cash purchases ₹1,29,000.
Total Bills Payable Account
| Date | Particulars | J.F. | Amount (₹) | Date | Particulars | J.F. | Amount (₹) |
|---|---|---|---|---|---|---|---|
| To Bills Discharged | 44,500 | By Balance b/d | 25,000 | ||||
| To Balance c/d | 35,000 | By Bills Accepted (bal. fig.) | 54,500 | ||||
| Total | 79,500 | Total | 79,500 |
Total Creditors Account
| Date | Particulars | J.F. | Amount (₹) | Date | Particulars | J.F. | Amount (₹) |
|---|---|---|---|---|---|---|---|
| To Cash | 1,51,000 | By Balance b/d | 30,000 |
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