Question

credit purchase office stationery is Rs 63,000and cash purchase 70% of the total purchase of stationery it means test purchases are of​

Answer 1

Illustration 1: Following are the transactions relating to purchase:

5 April 2005

Purchase on credit from Palpa furniture works:

- 20 Chairs @ Rs. 800 per unit

- 10 coffee tables @ Rs. 2,000 per unit

11 April 2005 Purchase from Kapilvastu Furniture Co. for cash:

-10 sofa sets @5,000 per unit, 10% cash discount

15 April 2005 Purchase on credit from Vajra Traders:

- 5 fancy tables @ Rs. 5,000 per unit.

- 5 dressing tables @ Rs. 10,000 per set, 10% trade discount

Required: (a) Purchase Book (b) Purchase Account

Explanation:

Illustration 1: Following are the transactions relating to purchase:

5 April 2005

Purchase on credit from Palpa furniture works:

- 20 Chairs @ Rs. 800 per unit

- 10 coffee tables @ Rs. 2,000 per unit

11 April 2005 Purchase from Kapilvastu Furniture Co. for cash:

-10 sofa sets @5,000 per unit, 10% cash discount

15 April 2005 Purchase on credit from Vajra Traders:

- 5 fancy tables @ Rs. 5,000 per unit.

- 5 dressing tables @ Rs. 10,000 per set, 10% trade discount

Required: (a) Purchase Book (b) Purchase Account