Calculation of credit purchase by preparing Total creditors account. Creditors - opening balance, Cash paid to creditors during the years

Question

Calculation of credit purchase by preparing Total creditors account.

	Rs.
Creditors- opening balance	7,200
Cash paid to creditors during the years	36,500
Cheques issued during the year	24,000
Discount allowed by creditors	2,500
Bills accepted during the year	12,500
Goods returned to creditors	3,200
Creditors- Closing balance	8,600

Answer 1

Particulars	Amount	Particulars	Amount
Cash	36,500	Balance b/d	7,200
Discount	2,500	Credit purchase (Balancing figure)	80,100
Bank	24,000
Bills payable	12,500
Purchase return	3,200
Balance c/d	8,600
	87,300		87,300