Total purchase 1,70,000, cash purchases . 16,000, purchase return 8,000, creditors at the end of the year 32,000, creditors in the beginning 24,000. What will be the creditors turnover ratio?
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Average accounts payable = (Rs. 4,00,000 + Rs. 2,00,000)/2
= Rs. 3,00,000
Credit turnover ratio = Net credit purchases/Average accounts payable
= Rs. 12,00,000/Rs. 3,00,000
= 4 Times
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