If creditors balance was Rs. 1,000 on 1st Jan 2018 and Rs. 2,000 on 31st Dec. 2018 and a payment of Rs. 500 was made to creditors, what is the amount of credit purchases made during the year 2018?

Rs. 2,500

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Rs. 500

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Rs. 1,500

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Rs. 2,000

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Solution

The correct option is C
Rs. 1,500

Credit purchases
= Closing creditors + Payment to creditors - Opening creditors
= Rs. 2,000 + Rs. 500 - Rs. 1,000
= Rs. 1,500.

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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.

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. Creditors on 1st April, 2017 were ₹15,000, Purchases on credit were ₹30,000, Cash paid to Creditors during 2017-18 was ₹20,000, Returns Outward (regarding credit purchases) were ₹1,000 and Bills Payable accepted during the year ₹10,000. Find the balance of Creditors on 31st March, 2018.

From the following information, calculate the amount that will be shown against Stationery Account in Income and Expenditure Account for the year ended 31st March, 2018.

$\begin{matrix} Particulars & 01 - 04 - 2017 & 31 - 03 - 2018 Creditors for Stationery & 5, 000 & 12, 000 Stock of Stationery & 17, 000 & 32, 000 \end{matrix}$

During the year ended 31st March, 2018, payment made to creditors amounted to Rs 60,000. Stationery purchased during the year was Rs 1,00,000 (out of which 30 $%$ is cash purchases).

Q. From the following calculate credit purchases during the year.
Creditors as on

1 - 4 - 2013

Rs.

36, 500

Payment made to creditors Rs.

60, 000

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Creditors as on

31 - 3 - 2014

Rs.

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If creditors balance was Rs. 1,000 on 1st Jan 2018 and Rs. 2,000 on 31st Dec. 2018 and a payment of Rs. 500 was made to creditors, what is the amount of credit purchases made during the year 2018?

The correct option is C Rs. 1,500 Credit purchases = Closing creditors + Payment to creditors - Opening creditors = Rs. 2,000 + Rs. 500 - Rs. 1,000 = Rs. 1,500.

The correct option is C
Rs. 1,500

Credit purchases
= Closing creditors + Payment to creditors - Opening creditors
= Rs. 2,000 + Rs. 500 - Rs. 1,000
= Rs. 1,500.