Prepare Total Creditors Account from the following information and find out the missing figure.
₹
Creditors as an 01/04/2020
15,000
Total purchases
75,000
Cash purchases
3,000
Discount received
2,000
Cash paid to Creditors
50,000
Returns to suppliers
4,000
Creditors as on 31-03-2020
?
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Answer:
Are u in exam now or is this just 56 and I can
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Given:
Creditors as an 01.04.2020 = 15,000
Total Purchases = 75,000
Cash Purchases = 3,000
Discount Received = 2,000
Cash Paid to Creditors = 50,000
Returns to Suppliers = 4,000
To Find:
Creditors as on 31.03.2021 = ?
Solution:
Creditors as on 31.03.2021 = Creditors as an 01.04.2020 + Credit Purchases - Discount Received - Cash Paid to Creditors - Returns to Suppliers
Credit Purchases = Total Purchases - Cash Purchases
Credit Purchases = 75000 - 3000 = 72000
Creditors as on 31.03.2021 = 15000 + 72000 - 2000 - 50000 - 4000
Creditors as on 31.03.2021 = 31000
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