Question

Question : The following information is given:

	(Rs)
Opening Creditors	$60,000$
Cash paid to Creditors	$30,000$
Closing Creditors	$36,000$
Returns Inward	$13,000$
Bill matured	$27,000$
Bill dishonoured	$8,000$
Purchase return	$12,000$
Discount allowed	$5,000$

Calculate credit purchases during the year.

Answer 1

Answer :
Dr Creditor's Account Cr

Date	Particulars	JF	Amt.(Rs)	Date	Particulars	JF	Amt.(Rs)
	To Cash A/c		$30,000$		By Balance b/d		$60,000$
	To Purchases Return A/c		$12,000$		By Bills Payable (dishonoured)		$8,000$
	To Bills Payable		$27,000$		By Purchase A/c
					Credit Purchase (Balancing Figure )		$37,000$
			$1,05,000$				$1,05,000$