Question : From the following information calculate total purchase

(Rs)
Creditors Jan 1, 2005 $30, 000$
Creditors Dec 31, 2005 $20, 000$
Opening balance of Bills Payable $25, 000$
Closing balance of Bills Payable $35, 000$
Cash paid to Creditors $1, 51, 000$
Bills discharged $44, 500$
Cash purchase $1, 29, 000$
Return outwards $6, 000$

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Solution

Answer :
Dr Creditor's Account Cr
Date Particulars JF Amt. (Rs) Date Particulars JF Amt. (Rs)
To Cash $1, 51, 000$ 2005
Jan 1
By Balance b/d $30, 000$

To Bills Payable $54, 500$ By Purchase (net) (b/f) $2, 01, 500$
To Return outwards $6, 000$
Dec 31 To Balance c/d $20, 000$
$2, 31, 500$ $2, 31, 500$

Dr Bills Payable Account Cr
Date Particulars JF Amt. (Rs) Date Particulars JF Amt. (Rs)
2005 Dec 31 To Cash $44, 500$ By Balance b/d $25, 000$

To Balance c/d $35, 000$ By Creditors (Bills Payable) (Balancing Figure)
$79, 500$ $79, 500$

Total Purchases = Cash Purchase + Credit Purchases
Hence Total Purchase will be = $1, 29, 000 + 2, 01, 500 = R s .3, 30, 500$

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Similar questions

From the following information calculate total purchases:

$\begin{matrix} (Rs.) Creditors Jan 1, 2005 & 30, 000 Creditors Dec 31, 2005 & 20, 000 Openining balance of Bills Payable & 25, 000 Closing balance of Bills Payable & 35, 000 Cash paid to Creditors & 1, 51, 000 Bills discharged & 44, 000 Cash purchase & 1, 29, 000 Return outwards & 6, 000 \end{matrix}$

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

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

Q. Question : From the following information ascertain the opening balance of sundry debtors and closing balance of sundry debtors and closing balance of sundry creditors

	(Rs)
Opening stock	$30, 000$
Closing stock	$25, 000$
Opening creditors	$50, 000$
Closing debtors	$75, 000$
Discount allowed by creditors	$1, 500$
Discount allowed to customers	$2, 500$
Cash paid to creditors	$1, 35, 000$
Bills payable accepted during the period	$30, 000$
Bills receivable received during the period	$75, 000$
Cash received from customers	$2, 20, 000$
Bill receivable dishonored	$3, 500$
Purchases	$2, 95, 000$

The rate of gross profit is

25 %

on selling price and out of the total sales Rs

85, 000

was for cash sales.
( Hint Total sales =

4, 00, 000 = 3, 00, 000 \times \frac{100}{75}

)

Q. Question : From the following information calculate the Amount to be paid to creditors

	(Rs)
Sundry creditors as on March 31, 2005	$1, 80, 425$
Discount received	$26, 000$
Discount allowed	$24, 000$
Return outwards	$37, 200$
Return Inward	$32, 200$
Bills accepted	$1, 99, 900$
Bills endorsed to creditors	$26, 000$
Creditors as on April 1, 2006	$2, 09, 050$
Total Purchase	$8, 97, 000$
Cash Purchase	$1, 40, 000$

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	(Rs)
Creditors Jan 1, 2005	$30, 000$
Creditors Dec 31, 2005	$20, 000$
Opening balance of Bills Payable	$25, 000$
Closing balance of Bills Payable	$35, 000$
Cash paid to Creditors	$1, 51, 000$
Bills discharged	$44, 500$
Cash purchase	$1, 29, 000$
Return outwards	$6, 000$

Date	Particulars	JF	Amt. (Rs)	Date	Particulars	JF	Amt. (Rs)
	To Cash		$1, 51, 000$	2005 Jan 1	By Balance b/d		$30, 000$
	To Bills Payable		$54, 500$		By Purchase (net) (b/f)		$2, 01, 500$
	To Return outwards		$6, 000$
Dec 31	To Balance c/d		$20, 000$
			$2, 31, 500$				$2, 31, 500$

Question : From the following information calculate total purchase(Rs)Creditors Jan 1, 200530,000Creditors Dec 31, 200520,000Opening balance of Bills Payable25,000Closing balance of Bills Payable35,000Cash paid to Creditors1,51,000Bills discharged44,500Cash purchase1,29,000Return outwards6,000