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Finding Credit Purchases

What are the ...

Question

What are the accounts payable?

A

Amounts owed to suppliers

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B

Amounts owed to customers

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C

Cash purchases

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D

None of these

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Solution

The correct option is A
Amounts owed to suppliers

Accounts payable refers to the amount owed to suppliers

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Q. Where are the amounts owed to the supplier for credit sales found?

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Q. AB & Co, chartered accountant, have been requested by their client XYZ, Ltd. not to confirm accounts receivables because of concerns about creasing conflicts with customers over amounts owed. The auditors were satisfied concerning receivable after applying alternative audit procedures AB & Co.'s auditors report likely contained ____________ .

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Q. Roshan, whose accounts are maintained by Single Entry System, acquired a retail business on 1st April, 2018. He had ₹ 40,000 of his own and he borrowed ₹ 20,000 from his wife. He paid ₹ 15,000 for Goodwill, ₹ 5,000 for Furniture and ₹ 35,000 for Stock.
Total cash received by him during the financial year from the Debtors was ₹ 2,30,000. His payments were:

	₹
Purchases	1,56,000
Salary and Wages	21,400
Trade Expenses	7,200

For business premises	5,920
For private house	2,960
Payments made for domestic purposes and drawings	26,400

At the end of the year, the Stock was ₹ 37,500. He owed ₹ 13,500 to Creditors for goods and his customers owed to him ₹ 15,000. Provide 5% for Depreciation on Furniture, Interest at 5% on wife's Loan and ₹ 1,000 for Doubtful Debts.
Prepare the Cash Account, the Profit and Loss Account for the year ended 31st March, 2019 and the Balance Sheet at the close of the year.

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