If books are kept under single entry system, credit purchase are ascertained by preparing ____________.

Total creditors account

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Total debtors account

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Credit purchases account

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Bills payable account

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Solution

The correct option is B Total creditors account
Creditors are created due to credit purchases.
under single entry system Credit purchases thus can be ascertained from Total Creditors Account.

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Similar questions

Q. If books are kept under single entry system, credit sales are ascertained by preparing ____________.

Q. If books are kept under single entry system, opening stock is ascertained by preparing ________.

On scrutiny of the books of account, accountant found that, purchase return of Rs 1000 was omitted to be entered in the books of a/c. What shall be the rectifying entry for the same error.

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

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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If books are kept under single entry system, credit purchase are ascertained by preparing ____________.

The correct option is B Total creditors accountCreditors are created due to credit purchases.under single entry system Credit purchases thus can be ascertained from Total Creditors Account.

The correct option is B Total creditors account
Creditors are created due to credit purchases.
under single entry system Credit purchases thus can be ascertained from Total Creditors Account.