Illustrations · Q7
Q.From the following, find the Credit Purchases and the Total Purchases for the year: Creditors on 1 April 2024 ₹12,000; Cash paid to creditors during the year ₹95,000; Discount received from creditors ₹1,500; Purchase Returns ₹2,000; Bills Payable accepted during the year ₹4,000; Creditors on 31 March 2025 ₹14,000; Cash Purchases during the year ₹10,000.
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| Dr — Particulars | Amount (₹) | Cr — Particulars | Amount (₹) |
|---|---|---|---|
| To Cash A/c (paid to creditors) | 95,000 | By Balance b/d (Opening Creditors) | 12,000 |
| To Discount Received A/c | 1,500 | By Credit Purchases A/c (balancing figure) | 1,04,500 |
| To Purchase Returns A/c | 2,000 | ||
| To Bills Payable A/c | 4,000 | ||
| To Balance c/d (Closing Creditors) | 14,000 | ||
| Total | 1,16,500 | Total | 1,16,500 |
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