Net Credit Purchases = ____________ - Cash Purchases - Purchases Returns

Bills Payables

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Trade Payables

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Total Purchases

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None of the above

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Solution

The correct option is C Total Purchases
Net Credit Purchases = Total Purchases - Cash Purchases - Purchases Returns

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Total Purchases - Cash Purchases - Purchase Returns =

Calculate Trade Payables Turnover Ratio from the following information :

$\begin{matrix} Rs. Credit Purchases during the year & 6, 20, 000 Purchase Returns (Out of credit purchase) & 20, 000 Opening Creditors & 1, 00, 000 Closing Creditors & 1,40,000 Opening Bills Payable & 25,000 Closing Bills Payable & 35,000 \end{matrix}$

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.

Q. Select the most appropriate alternatives from those given below :

Credit purchase of machinery is recorded in the ________
a) purchase book
b) cash book
c) journal proper
d) returns outward book

Q. From the following details calculate net profit on accrual basis.

Particulars	Rs.
Goods sold for cash	$5, 00, 000$
Credit sales	$25, 000$
Cash purchases	$4, 00, 000$
Credit purchases	$50, 000$
Wages paid	$20, 000$
Outstanding expenses	$10, 000$
Rent paid	$5, 000$
Rent outstanding	$2, 000$
Depreciation on building	$10, 000$
Loss on sales of fixed assets	$1, 000$

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Net Credit Purchases = ____________ - Cash Purchases - Purchases Returns

The correct option is C Total PurchasesNet Credit Purchases = Total Purchases - Cash Purchases - Purchases Returns

The correct option is C Total Purchases
Net Credit Purchases = Total Purchases - Cash Purchases - Purchases Returns