Find the amount of credit purchases from the below mentioned details Particula lars 0 - 0-1 0 - Opening Bal 0 -0 - Closing - Rs- of Creditors 20-000- of Creditors 25-000- tors 1-40-000- 2-000 - ning Balance of Creing Balance of Crednent to Creditorsin Inwards Payment to 0 - 0 - Return Inwards

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Standard XI

Accountancy

Finding Credit Purchases

Find the amou...

Question

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

Rs. 1,45,000

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Rs. 1,43,000

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Rs. 1,47,000

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None of these

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Solution

The correct option is A
Rs. 1,45,000

Credit purchases
= Closing value of creditors + Payments - Opening value of creditors

= Rs. 25,000 + Rs. 1,40,000 - Rs. 20,000

= Rs. 1,45,000

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Similar questions

Q. Question : Prepare the bills payable account from the following and find out missing figure if any.

	(Rs)
Bills accepted	$1, 05, 000$
Discount received	$17, 000$
Purchases returns	$9, 000$
Return inwards	$12, 000$
Cash paid to accounts payable	$50, 000$
Bills receivable endorsed to creditor	$45, 000$
Bills dishonoured	$17, 000$
Bad debts	$14, 000$
Balance of accounts payable (closing)	$85, 000$
Credit purchases	$2, 15, 000$

Find out the credit purchases from the following:

	Rs
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

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?

Q. Opening Stock Rs. 90,000, Cash Sales Rs. 36,000, Credit Sales Rs. 7,20,000, Returns outwards Rs. 6,000. Wages & Salaries Rs. 2,400 Carriage Inwards Rs. 1,200. Freight Inwards Rs. 1,800, Cartage Inwards Rs. 600, Cash Purchases Rs. 30,000, Credit Purchases 6,00,000, Returns Inward Rs. 12,000, Cost of closing Stock as on 31st March Rs. 54,000 but its market value is Rs. 50,400, Freight outwards Rs. 600. The Gross Profit for the year is _____________.

Explain how the following may be ascertained from incomplete records

(a) Opening capital and closing capital

(b) Credit sales and credit purchases

(d) Closing balance of cash

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

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

The correct option is A Rs. 1,45,000 Credit purchases = Closing value of creditors + Payments - Opening value of creditors = Rs. 25,000 + Rs. 1,40,000 - Rs. 20,000 = Rs. 1,45,000

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

The correct option is A
Rs. 1,45,000

Credit purchases
= Closing value of creditors + Payments - Opening value of creditors

= Rs. 25,000 + Rs. 1,40,000 - Rs. 20,000

= Rs. 1,45,000