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Standard XI

Accountancy

Finding Credit Purchases

What is the c...

Question

What is the correct formula for calculating credit purchases from creditors account?

Closing Creditors + Payments made to creditors + Opening creditors

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Closing Creditors + Payments made to creditors - Opening creditors

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Closing Creditors - Payments made to creditors + Opening creditors

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Opening Creditors + Payments made to creditors - Closing creditors

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Solution

The correct option is B
Closing Creditors + Payments made to creditors - Opening creditors

Credit Purchases = Closing creditors + Payments made to creditors - Opening creditors

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Similar questions

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. 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

Discount given by creditors for early payment Rs.

5, 500

Creditors as on

31 - 3 - 2014

Rs.

21, 000

Explain how the following may be ascertained from incomplete records

(a) Opening capital and closing capital

(b) Credit sales and credit purchases

(d) Closing balance of cash

Explain how the following may be ascertained from incomplete records:

(a) Opening capital and closing capital

(b) Credit sales and credit purchases

(d) Closing balance of cash.

Q. 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.

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What is the correct formula for calculating credit purchases from creditors account?

The correct option is B Closing Creditors + Payments made to creditors - Opening creditors Credit Purchases = Closing creditors + Payments made to creditors - Opening creditors

The correct option is B
Closing Creditors + Payments made to creditors - Opening creditors

Credit Purchases = Closing creditors + Payments made to creditors - Opening creditors