1.

Calculation of credit purchase by preparing Total creditors account.Rs.Creditors- opening balance7,200Cash paid to creditors during the years36,500Cheques issued during the year24,000Discount allowed by creditors2,500Bills accepted during the year12,500Goods returned to creditors3,200Creditors- Closing balance8,600

Answer»
ParticularsAmountParticularsAmount
Cash36,500Balance b/d7,200
Discount2,500Credit purchase
(Balancing figure)
80,100
Bank24,000
Bills payable12,500
Purchase return3,200
Balance c/d8,600
87,30087,300



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