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Finding Cash Balance

Following inf...

Question

Following information is given of an accounting year:
Opening Creditors ₹ 15,000; Cash paid to creditors ₹ 15,000; Returns Outward ₹ 1,000 and Closing creditors ₹ 12,000.
Calculate Credit Purchases during the year.

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Solution

Creditors Account

Dr.
Cr.

Particulars

Amount

(₹)

Particulars

Amount

(₹)

Cash A/c
15,000
Balance b/d
15,000

Purchases Return A/c
1,000
Purchases A/c
13,000

Balance c/d
12,000

28,000

28,000

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Similar questions

Q. Creditors on 1st April, 2018 were ₹ 15,000, Purchases on credit were ₹ 30,000, Cash paid to Creditors during 2018-19 was ₹ 20,000, Returns Outward (regarding credit purchases) were ₹ 1,000 and Bills Payable accepted during the year were ₹ 10,000. Find the balance of Creditors on 31st March, 2019.

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.

Q. From the following information supplied by Rohit, who keeps his books on Single Entry System, you are required to calculate Total Purchases:

	₹
Opening balance of Bills Payable	5,000
Opening balance of Creditors	6,000
Closing balance of Bills Payable	7,000
Closing balance of Creditors	4,000
Cash paid to Creditors during the year	30,200
Bills Payable discharged during the year	8,900
Returns Outward	1,200
Cash Purchases	25,800

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
Purchases return	12,000
Discount allowed	5,000

Calculate credit purchases during the year

Q. Lalit Mohan keeps incomplete records. From the following information provided by him, prepare a Trading and Profit & Loss Account for the year ended 31st March, 2015 and a Balance Sheet as at that date:

	31st March, 2014	31st March, 2015
	₹	₹
Sundry Debtors	15,000	24,400
Stock	32,000	55,000
Cash	8,400	21,700
Sundry Creditors	22,000	?
Prepaid Expenses	Nil	3,600
Unpaid Expenses	1,500	2,200
Furniture	20,000	32,000

Summary of cash transactions during the year:

	₹
Receipts from Debtors	2,00,000
Payment to Creditors	1,64,000
Carriage Inwards	3,300
Payment for Life Insurance Premium	15,000
Sundry Expenses	40,000
Furniture purchased for cash	12,000

You are informed that there were considerable amount of cash sales during the year. Credit purchases during the year amounted to ₹ 1,80,000. Provide 5% for doubtful debts on debtors.

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