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Question

From the following calculate credit purchases during the year.
Creditors as on 142013 Rs. 36,500
Payment made to creditors Rs. 60,000
Discount given by creditors for early payment Rs. 5,500
Creditors as on 3132014 Rs. 21,000.

A
Rs. 50,000
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B
Rs. 54,000
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C
Rs. 61,250
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D
Rs. 52,800
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Solution

The correct option is A Rs. 50,000
ParticularsAmount Particulars Amount
To Cash 60000 By Opening Balance B/f 36500
To Discount 5500 By Credit Purchases 50000
To Closing Balance C/f 21000
Total 86500 Total 86500

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