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Question
From the following particulars calculate total purchases.
| Particulars | ₹ | Particulars | ₹ |
| Sundry creditors on 1st January, 2018 | 30,000 | Purchases returns | 15,000 |
| Bills payable on 1st January, 2018 | 25,000 | Cash purchases | 2,25,000 |
| Paid cash to creditors | 1,20,000 | Creditors on 31st December, 2018 | 25,000 |
| Paid for bills payable | 30,000 | Bills payable on 31st December, 2018 | 20,000 |
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Solution
Bills Payable Account
Dr. Cr.
| Particulars | ₹ | Particulars | ₹ |
| To Cash | 30,000 | To Balance b/d | 25,000 |
| To Balance c/d | 20,000 | By Bills payable (B/F) | 25,000 |
| 50,000 | 50,000 |
Total Creditors Account
Dr. Cr.
| Particulars | ₹ | Particulars | ₹ |
| To Cash paid | 1,20,000 | To Balance b/d | 30,000 |
| To purchase return | 15,000 | By Cr. Purchase | 1,55,000 |
| To Balance c/d | 25,000 | ||
| To Bills payable | 25,000 | ||
| 1,85,000 | 1,85,000 |
Total purchases = Cash purchases + Credit purchases
= 1,55,000 + 2,25,000
= ₹ 3,80,000
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RELATED QUESTIONS
How is the amount of credit sale ascertained from incomplete records?
Find out credit sales from the following information:
| Particulars | ₹ |
| Debtors on 1st April 2018 | 1,00,000 |
| Cash received from debtors | 2,30,000 |
| Discount allowed | 5,000 |
| Returns inward | 25,000 |
| Debtors on 31st March 2019 | 1,20,000 |
From the following details find out total sales made during the year.
| Particulars | ₹ |
| Debtors on 1st January 2018 | 1,30,000 |
| Cash received from debtors during the year | 4,20,000 |
| Sales returns | 35,000 |
| Bad debts | 15,000 |
| Debtors on 31st December 2018 | 2,00,000 |
| Cash Sales | 4,60,000 |
From the following particulars, prepare bills receivable amount and compute the bills received from the debtors.
| Particulars | ₹ |
| Bills receivable at the beginning of the year | 1,40,000 |
| Bills receivable at the end of the year | 2,00,000 |
| Cash received for bills receivable | 3,90,000 |
| Bills receivable dishonoured | 30,000 |
From the following particulars, calculate total sales.
| Particulars | ₹ | Particulars | ₹ |
| Debtors on 1st April 2018 | 2,50,000 | Bills receivable dishonoured | 15,000 |
| Bills receivable on 1st April 2018 | 60,000 | Returns inward | 50,000 |
| Cash received from debtors | 7,25,000 | Bills receivable on 31st March 2019 | 90,000 |
| Cash received for bills receivable | 1,60,000 | Sundry debtors on 31st March 2019 | 2,40,000 |
| Bad debts | 30,000 | Cash sales | 3,15,000 |
From the following details, calculate credit purchases.
| Particulars | ₹ |
| Opening creditors | 1,70,000 |
| Purchase returns | 20,000 |
| Cash paid to creditors | 4,50,00 |
| Closing creditors | 1,90,000 |
From the following details, you are required to calculate credit sales and credit purchases by preparing total debtors account, total creditors account, bills receivable account and bills payable account.
| Particulars | ₹ | Particulars | ₹ |
| Balances as on 1st April 2018 | Balances as on 31st March 2019 | ||
| Sundry debtors | 2,40,000 | Sundry debtors | 2,20,000 |
| Bills receivable | 30,000 | Sundry creditors | 1,50,000 |
| Sundry creditors | 1,20,000 | Bills receivable | 8,000 |
| Bills payable | 10,000 | Bills payable | 20,000 |
| Other information: | ₹ | Other information: | ₹ |
| Cash received from debtors | 6,00,000 | Payments against bill payable | 30,000 |
| Discount allowed to customers | 25,000 | Cash received for bills receivable | 60,000 |
| Cash paid to creditors | 3,20,000 | Bills receivable dishonoured | 4,000 |
| Discount allowed by suppliers | 10,000 | Bad debts | 16,000 |
From the following details of Rakesh, prepare Trading and Profit and Loss account for the year ended 31st March, 2019 and a Balance Sheet as on that date.
| Particulars | 31.3.2018 ₹ |
31.3.2019 ₹ |
| Stock of goods | 2,20,000 | 1,60,000 |
| Debtors | 5,30,000 | 6,40,000 |
| Cash at bank | 60,000 | 10,000 |
| Machinery | 80,000 | 80,000 |
| Sundry creditors | 3,70,000 | 4,20,000 |
Other details:
| Particulars | ₹ | Particulars | ₹ |
| Rent paid | 1,20,000 | Cash received from debtors | 12,50,000 |
| Discount received | 35,000 | Drawings | 1,00,000 |
| Discount allowed | 25,000 | Cash sales | 20,000 |
| Cash paid to creditors | 11,00,000 | Capital as on 1.4.2018 | 5,20,000 |
Arun carries on hardware business and does not keep his books on double entry basis. The following particulars have been extracted from his books:
| Particulars | 31.12.2017 ₹ |
31.12.2018 ₹ |
| Land and building | 2,40,000 | 2,40,000 |
| Stock-in-trade | 1,20,000 | 1,70,000 |
| Debtors | 40,000 | 51,500, |
| Creditors | 50,000 | 45,000 |
| Cash at bank | 30,000 | 53,000 |
Other information for the year ending 31.12.2018 showed the following:
| Particulars | ₹ |
| Wages | 65,000 |
| Carriage outwards | 7,500 |
| Sundry expense | 28,000 |
| Cash paid to creditors | 6,00,000 |
| Drawings | 10,000 |
Total sales during the year were ₹ 7,70,000. Purchases returns during the year were ₹ 30,000 and sales returns were ₹ 25,000. Depreciate land and buildings by 5%. Provide ₹ 1,500 for doubtful debts. Prepare trading and profit and loss account for the year ending 31st December, 2018 and a balance sheet as on that date.
Selvam does not keep his books under double entry system. From the following information prepare trading and Profit and loss A/c and Balance Sheet as on 31-12-2018
| Particulars | 1-1-2018 ₹ |
31-12-2018 ₹ |
| Machinery | 60,000 | 60,000 |
| Cash at bank | 25,000 | 33,000 |
| Sundry debtors | 70,000 | 1,00,000 |
| Stock | 45,000 | 22,000 |
| Bills receivable | 20,000 | 38,000 |
| Bank loan | 45,000 | 45,000 |
| Sundry creditors | 25,000 | 21,000 |
| Particulars | ₹ | Particulars | ₹ |
| Cash sales | 20,000 | Credit sales | 1,80,000 |
| Cash purchases | 8,000 | Credit purchases | 52,000 |
| Wages | 6,000 | Salaries | 23,500 |
| Advertisement | 7,000 | Interest on bank loan | 4,500 |
| Drawings | 60,000 | Additional capital | 21,000 |
Adjustments:
Write off the depreciation of 10% on machinery. Create a reserve of 1% on debtors for doubtful debts.
