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Standard XI

Accountancy

Finding Credit Purchases

Balance of op...

Question

Balance of opening creditors = Rs. 60,000 , Balance of closing creditors = Rs. 80,000 , Payments made during the year = Rs. 1,40,000.
What is the amount of credit purchases during the year?

Rs. 1,20,000

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Rs. 1,60,000

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Rs. 2,00,000

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None of the above

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Solution

The correct option is B
Rs. 1,60,000

Credit purchases
= Closing creditors + Payments - Opening creditors
= Rs. 80,000 + Rs. 1,40,000 - Rs. 60,000
= Rs. 1,60,000.

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Similar questions

If creditors balance was Rs. 1,000 on 1st Jan 2018 and Rs. 2,000 on 31st Dec. 2018 and a payment of Rs. 500 was made to creditors, what is the amount of credit purchases made during the year 2018?

Calculate amount of medicine consumed for the year 2012.

Opening Stock of Medicines 10,000 Rs

Opening Creditors of Medicines 9,000 Rs

Cash Purchase of Medicines during the year 30,000 Rs

Closing Stock of Medicines 15,000 Rs

Closing Creditors of Medicines 3,000 Rs

Q. Question : The following information is given:

	(Rs)
Opening Creditors	$60, 000$
Cash paid to Creditors	$30, 000$
Closing Creditors	$36, 000$
Returns Inward	$13, 000$
Bill matured	$27, 000$
Bill dishonoured	$8, 000$
Purchase return	$12, 000$
Discount allowed	$5, 000$

Calculate credit purchases during the year.

Find the amount of credit purchases from the below mentioned details

Particulars	Rs.
Opening Balance of Creditors	20,000
Closing Balance of Creditors	25,000
Payment to Creditors	1,40,000
Return Inwards	2,000

Q. From the following calculate credit purchases during the year.
Creditors as on

1 - 4 - 2013

Rs.

36, 500

Payment made to creditors Rs.

60, 000

Discount given by creditors for early payment Rs.

5, 500

Creditors as on

31 - 3 - 2014

Rs.

21, 000

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Balance of opening creditors = Rs. 60,000 , Balance of closing creditors = Rs. 80,000 , Payments made during the year = Rs. 1,40,000. What is the amount of credit purchases during the year?

The correct option is B Rs. 1,60,000 Credit purchases = Closing creditors + Payments - Opening creditors = Rs. 80,000 + Rs. 1,40,000 - Rs. 60,000 = Rs. 1,60,000.

Balance of opening creditors = Rs. 60,000 , Balance of closing creditors = Rs. 80,000 , Payments made during the year = Rs. 1,40,000.
What is the amount of credit purchases during the year?

The correct option is B
Rs. 1,60,000

Credit purchases
= Closing creditors + Payments - Opening creditors
= Rs. 80,000 + Rs. 1,40,000 - Rs. 60,000
= Rs. 1,60,000.