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Economic Event

What goes in ...

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What goes in the purchases ledger?

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Solution

Purchases ledger contains the accounts of the suppliers of the firm or the business. It records all the purchases made from all the suppliers and also how much payment is made and how much is pending.

It is represented in the balance sheet as accounts payable.

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 transactions of Kamal, Guwahati, prepare Purchases Book and post into Ledger:

2019
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 machines @ ₹ 15,000 each less Trade Discount @ 20%, plus IGST @ 12%, Freight charges ₹ 1,000.

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. The following purchases were made by M/s. B.K Gupta, Kolkata, during the month of April, 2018. Prepare Purchases Book and post them in the Ledger Accounts:

2018
April 8	Purchased on credit from Subodh Brothers, Delhi: 5 chests of tea @ ₹ 7,000 per chest at a Trade Discount of 10% plus IGST @ 12% and packing and other charges ₹ 500.
April 12	Purchased in cash 20 boxes of tea @ ₹ 500 per box at a Trade Discount of 10% plus CGST and SGST @ 6% each.
April 18	Purchased on credit 3 show cases @ ₹ 7,500 per case from Raj Furnishing House at a Trade Discount of 10% plus CGST and SGST @ 6% each.
April 20	Purchased on credit 15 boxes of tea @ ₹ 600 per box at a Trade Discount of 10% from Siliguri Tea Agency, Siliguri, West Bengal plus CGST and SGST @ 6% each and packing and other charges ₹ 50.
April 25	Purchased 5 kgs of Special Green Tea on credit from Darjeeling Tea House, Darjeeling, West Bengal @ ₹ 500 per kg at a Trade Discount of 10% plus CGST and SGST @ 6% each for household consumption of proprietor.

Q. The following purchases were made by Karam, Kolkata, during the month of April, 2019. Prepare Purchases Book and post into Ledger Accounts:

2019
April 8	Purchased on credit from Subodh Brothers, Delhi: 5 chests of tea @ ₹ 7,000 per chest at a Trade Discount of 10% plus IGST @ 12% and packing and other charges ₹ 500.
April 12	Purchased in cash 20 boxes of tea @ ₹ 500 per box at a Trade Discount of 10% plus CGST and SGST @ 6% each.
April 18	Purchased from Raj Furnishing House: 3 show cases @ ₹ 7,500 per case at a Trade Discount of 10% plus CGST and SGST @ 6% each.
April 20	Purchased from Siliguri Tea Agency, Siliguri, West Bengal: 15 boxes of tea @ ₹ 600 per box at a Trade Discount of 10% plus CGST and SGST @ 6% each and packing and other charges ₹ 50.
April 25	Purchased from Darjeeling Tea House, Darjeeling, West Bengal: 5 kgs of Special Green Tea @ ₹ 500 per kg at a Trade Discount of 10% plus CGST and SGST @ 6% each for household consumption of proprietor.

From the following Subsidiary Book Prepare necessary ledger accounts and balance them.

Purchases Book
Date	Particulars	Inward Invoice No.	L.F.	Amount Rs
2011 Aug. 2	Laxman			4,250
5	Joseph			1,500
10	Salman			3,000
15	Kamini			2,500
31	Patel			800
	Total			12,050

Purchase Return Book
Date	Particulars	Debit Note No.	L.F.	Amount Rs
2011 Aug.7	Laxman			550
18	Kamini			700
31	Patel			100
	Total			1,350

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