B Com Exam > B Com Questions > Find out credit purchase from the following i...
Start Learning for Free
Find out credit purchase from the following information Creditors on 1/4/2009 60000, creators on 31/3/2010 40000, bills payable on 1/4/2009 30000, bills payable on 31/3/2010 50000, cash paid to creditors 300000, return outward 10000, freight charges by supplier of goods 20000, purchase machinary credit 200000, bills payable discharge 80000, discount received 10000, b.p dishonoured 2000?
Most Upvoted Answer
Find out credit purchase from the following information Creditors on 1...
Credit Purchase Calculation:
To calculate the credit purchase, we need to consider the following information:
1. Creditors on 1/4/2009: $60,000
2. Creditors on 31/3/2010: $40,000
3. Bills payable on 1/4/2009: $30,000
4. Bills payable on 31/3/2010: $50,000
5. Cash paid to creditors: $300,000
6. Return outward: $10,000
7. Freight charges by supplier of goods: $20,000
8. Purchase machinery credit: $200,000
9. Bills payable discharge: $80,000
10. Discount received: $10,000
11. Bills payable dishonored: $2,000
Calculation:
1. Opening Creditors:
- Creditors on 1/4/2009: $60,000
2. Purchases:
- Creditors on 31/3/2010: $40,000
- Bills payable on 31/3/2010: $50,000
- Bills payable dishonored: $2,000
- Freight charges by supplier of goods: $20,000
- Total purchases = Creditors on 31/3/2010 + Bills payable on 31/3/2010 + Bills payable dishonored + Freight charges by supplier of goods
- Total purchases = $40,000 + $50,000 + $2,000 + $20,000 = $112,000
3. Closing Creditors:
- Opening Creditors: $60,000
- Cash paid to creditors: $300,000
- Return outward: $10,000
- Discount received: $10,000
- Bills payable discharge: $80,000
- Closing Creditors = Opening Creditors + Purchases - Cash paid to creditors - Return outward + Discount received - Bills payable discharge
- Closing Creditors = $60,000 + $112,000 - $300,000 - $10,000 + $10,000 - $80,000 = -$198,000
4. Credit Purchase:
- Credit Purchase = Opening Creditors + Purchases - Closing Creditors
- Credit Purchase = $60,000 + $112,000 - (-$198,000) = $370,000
Answer:
The credit purchase for the given information is $370,000.
To calculate the credit purchase, we need to consider the following information:
1. Creditors on 1/4/2009: $60,000
2. Creditors on 31/3/2010: $40,000
3. Bills payable on 1/4/2009: $30,000
4. Bills payable on 31/3/2010: $50,000
5. Cash paid to creditors: $300,000
6. Return outward: $10,000
7. Freight charges by supplier of goods: $20,000
8. Purchase machinery credit: $200,000
9. Bills payable discharge: $80,000
10. Discount received: $10,000
11. Bills payable dishonored: $2,000
Calculation:
1. Opening Creditors:
- Creditors on 1/4/2009: $60,000
2. Purchases:
- Creditors on 31/3/2010: $40,000
- Bills payable on 31/3/2010: $50,000
- Bills payable dishonored: $2,000
- Freight charges by supplier of goods: $20,000
- Total purchases = Creditors on 31/3/2010 + Bills payable on 31/3/2010 + Bills payable dishonored + Freight charges by supplier of goods
- Total purchases = $40,000 + $50,000 + $2,000 + $20,000 = $112,000
3. Closing Creditors:
- Opening Creditors: $60,000
- Cash paid to creditors: $300,000
- Return outward: $10,000
- Discount received: $10,000
- Bills payable discharge: $80,000
- Closing Creditors = Opening Creditors + Purchases - Cash paid to creditors - Return outward + Discount received - Bills payable discharge
- Closing Creditors = $60,000 + $112,000 - $300,000 - $10,000 + $10,000 - $80,000 = -$198,000
4. Credit Purchase:
- Credit Purchase = Opening Creditors + Purchases - Closing Creditors
- Credit Purchase = $60,000 + $112,000 - (-$198,000) = $370,000
Answer:
The credit purchase for the given information is $370,000.
|
Explore Courses for B Com exam
|
|
Find out credit purchase from the following information Creditors on 1/4/2009 60000, creators on 31/3/2010 40000, bills payable on 1/4/2009 30000, bills payable on 31/3/2010 50000, cash paid to creditors 300000, return outward 10000, freight charges by supplier of goods 20000, purchase machinary credit 200000, bills payable discharge 80000, discount received 10000, b.p dishonoured 2000?
Question Description
Find out credit purchase from the following information Creditors on 1/4/2009 60000, creators on 31/3/2010 40000, bills payable on 1/4/2009 30000, bills payable on 31/3/2010 50000, cash paid to creditors 300000, return outward 10000, freight charges by supplier of goods 20000, purchase machinary credit 200000, bills payable discharge 80000, discount received 10000, b.p dishonoured 2000? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Find out credit purchase from the following information Creditors on 1/4/2009 60000, creators on 31/3/2010 40000, bills payable on 1/4/2009 30000, bills payable on 31/3/2010 50000, cash paid to creditors 300000, return outward 10000, freight charges by supplier of goods 20000, purchase machinary credit 200000, bills payable discharge 80000, discount received 10000, b.p dishonoured 2000? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Find out credit purchase from the following information Creditors on 1/4/2009 60000, creators on 31/3/2010 40000, bills payable on 1/4/2009 30000, bills payable on 31/3/2010 50000, cash paid to creditors 300000, return outward 10000, freight charges by supplier of goods 20000, purchase machinary credit 200000, bills payable discharge 80000, discount received 10000, b.p dishonoured 2000?.
Find out credit purchase from the following information Creditors on 1/4/2009 60000, creators on 31/3/2010 40000, bills payable on 1/4/2009 30000, bills payable on 31/3/2010 50000, cash paid to creditors 300000, return outward 10000, freight charges by supplier of goods 20000, purchase machinary credit 200000, bills payable discharge 80000, discount received 10000, b.p dishonoured 2000? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Find out credit purchase from the following information Creditors on 1/4/2009 60000, creators on 31/3/2010 40000, bills payable on 1/4/2009 30000, bills payable on 31/3/2010 50000, cash paid to creditors 300000, return outward 10000, freight charges by supplier of goods 20000, purchase machinary credit 200000, bills payable discharge 80000, discount received 10000, b.p dishonoured 2000? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Find out credit purchase from the following information Creditors on 1/4/2009 60000, creators on 31/3/2010 40000, bills payable on 1/4/2009 30000, bills payable on 31/3/2010 50000, cash paid to creditors 300000, return outward 10000, freight charges by supplier of goods 20000, purchase machinary credit 200000, bills payable discharge 80000, discount received 10000, b.p dishonoured 2000?.
Solutions for Find out credit purchase from the following information Creditors on 1/4/2009 60000, creators on 31/3/2010 40000, bills payable on 1/4/2009 30000, bills payable on 31/3/2010 50000, cash paid to creditors 300000, return outward 10000, freight charges by supplier of goods 20000, purchase machinary credit 200000, bills payable discharge 80000, discount received 10000, b.p dishonoured 2000? in English & in Hindi are available as part of our courses for B Com.
Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free.
Here you can find the meaning of Find out credit purchase from the following information Creditors on 1/4/2009 60000, creators on 31/3/2010 40000, bills payable on 1/4/2009 30000, bills payable on 31/3/2010 50000, cash paid to creditors 300000, return outward 10000, freight charges by supplier of goods 20000, purchase machinary credit 200000, bills payable discharge 80000, discount received 10000, b.p dishonoured 2000? defined & explained in the simplest way possible. Besides giving the explanation of
Find out credit purchase from the following information Creditors on 1/4/2009 60000, creators on 31/3/2010 40000, bills payable on 1/4/2009 30000, bills payable on 31/3/2010 50000, cash paid to creditors 300000, return outward 10000, freight charges by supplier of goods 20000, purchase machinary credit 200000, bills payable discharge 80000, discount received 10000, b.p dishonoured 2000?, a detailed solution for Find out credit purchase from the following information Creditors on 1/4/2009 60000, creators on 31/3/2010 40000, bills payable on 1/4/2009 30000, bills payable on 31/3/2010 50000, cash paid to creditors 300000, return outward 10000, freight charges by supplier of goods 20000, purchase machinary credit 200000, bills payable discharge 80000, discount received 10000, b.p dishonoured 2000? has been provided alongside types of Find out credit purchase from the following information Creditors on 1/4/2009 60000, creators on 31/3/2010 40000, bills payable on 1/4/2009 30000, bills payable on 31/3/2010 50000, cash paid to creditors 300000, return outward 10000, freight charges by supplier of goods 20000, purchase machinary credit 200000, bills payable discharge 80000, discount received 10000, b.p dishonoured 2000? theory, EduRev gives you an
ample number of questions to practice Find out credit purchase from the following information Creditors on 1/4/2009 60000, creators on 31/3/2010 40000, bills payable on 1/4/2009 30000, bills payable on 31/3/2010 50000, cash paid to creditors 300000, return outward 10000, freight charges by supplier of goods 20000, purchase machinary credit 200000, bills payable discharge 80000, discount received 10000, b.p dishonoured 2000? tests, examples and also practice B Com tests.
|
|
Explore Courses for B Com exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup