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Journal for Purchase and Sale

What informat...

Question

What information is included in the purchase book?

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Solution

The purchase book records the basic information of a purchase like date of transaction, name of the supplier, supplier invoice number and the amount of purchase or purchase invoice.

Also read:

Cash Book

Purchase Book

Sales Book and Sales Return Book

Cash Flow Statement

Ledger in Accounting

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Q. From the following information of Kamal, Guwahati, prepare a Purchases Book and post them into Ledger:

2018
April 1	Purchased from Videocon India Ltd., Kolkata;
	30 Colour T.Vs @ ₹ 15,000 each, less Trade Discount @ 10% plus IGST @ 12%. Freight charges ₹ 2,000.
April 15	Purchased from Sony India Ltd., Guwahati:
	10 colour T.Vs @ ₹ 20,000 each less Trade Discount @ 10% plus CGST and SGST @ 6% each.
April 20	Purchased from Music India Ltd., Delhi:
	10 music systems @ ₹ 10,000 each less Trade Discount @ 15% plus IGST @ 12%.
April 30	Purchased from Videocon India Ltd., Kolkata:
	5 washing machine @ ₹ 15,000 each less Trade Discount @ 20%, plus IGST @ 12%, Freight charges ₹ 1,000.

Q. From the following information, calculate value of Opening Inventory:

Closing Inventory	=	₹ 68,000
Total Sales	=	₹ 4,80,000 (including Cash Sales ₹ 1,20,000)
Total Purchases	=	₹ 3,60,000 (including Credit Purchases ₹ 2,39,200)

Goods are sold at a profit of 25% on cost.

Q. Following transactions were recorded in the books of Darshan Traders:−

2017
March 1	Sold to Chandra Light House :−
	50 Tubelights @ ₹ 60 each Less : 20%
	20 Heaters @ ₹120 each Less : 25%
5	Purchased from Charat Ram Electric Co. :−
	25 Table Fans @ ₹ 600 each
	20 Ceiling Fans @ ₹800 each
10	Chaudhary & Sons purchased from us :−
	80 Dozen Bulbs @ ₹ 90 per Dozen
12	Purchased from Ram Lal & Sons one Typewriter for ₹ 6,000 on credit, for office use.
16	Sri Ram & Sons sold to us :−
	10 Electric Irons @ ₹ 180 each less : 10%
20	Chandra Light House returned :−
	5 Tubelights sold on March 1.
22	Sold goods to Jai Bhagwan & Co. for cash ₹ 10,000.
25	Returned to Sri Ram & Sons 2 Electric Irons purchased on March 16.

You are required to prepare (i) Purchase Book; (ii) Sales Book; (iii) Purchase Return Book, and (iv) Sales Return Book.

Q. Rectify the following errors:-
(i) Goods for ₹ 5,500 were purchased from Modern Traders on credit, but no entry has yet been passed.
(ii) Purchase Return for ₹ 1,500 not recorded in the books.
(iii) Goods for ₹ 2,000 sold to 'Geeta Traders' on Credit were entered in the sales book as ₹ 200 only.
(iv) Goods of the value of ₹ 1,800 returned by Sunil & Co. were included in stock, but no entry was passed in the books.
(v) Goods purchased for ₹ 900, entered in the purchases book as ₹ 9,000.
(vi) An invoice for goods sold to X was overcast by ₹ 100.

May I know what books should I purchase for 11 PCMC including the optional subject.

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