Question 28.
Creditors on 1st April, 2017 were ₹ 15,000, Purchases on credit were ₹ 30,000, Cash paid to Creditors during 2017-18 was ₹ 20,000, Returns Outward (regarding credit purchases) were ₹ 1,000 and Bills Payable accepted during the year ₹ 10,000. Find the balance of Creditors on 31st March, 2018.
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The balance of the creditors on 31 March, 2018, amounts to Rs 14,000
Explanation:
Prepare the creditors account as:
Creditors Account
Debit Side
Cash A/c Rs 20,000
Purchase Return A/c Rs 1,000
Bills payable A/c Rs 10,000
Balance c/d Rs 14,000
Total Rs 45,000
Credit Side
Balance b/d Rs 15,000
Purchases A/c Rs 30,000
Total Rs 45,000
The creditors balance on 31 March, 2018 is the balance will be carried down (c/d), that amount to Rs 14,000
NOTE: Return outward also termed as Purchase Return.
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