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Question
State whether the following statement is True or False with reasons:
Cash and credit purchases are entered in Purchase Book.
Options
True
False
Solution
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RELATED QUESTIONS
Answer the following question in one sentence:
Which transactions are recorded in Purchase Book?
Give word/term or phrase for the following statement:
Subsidiary book in which only credit purchases of goods is recorded.
Do you agree with the following statement:
Credit purchase of machinery is entered in Purchase Journal.
Complete the following sentence:
Return of goods purchased on credit to the suppliers will be entered in ______ Journal.
Complete the following sentence:
Credit purchases of goods are recorded in ______
Complete the following sentence:
In Purchase Book goods purchased on ______ are recorded.
Correct the following sentence and rewrite the same:
Cash purchases of goods are recorded in Purchase book.
Cash purchases for ₹ 1,60,000 at 10% T.D. and 5% C.D. What is the amount of Net purchases?
Purchased goods from Harish for ₹ 12,000 @ 7% T.D. What is the amount of Trade discount?
| Cash Purchases | Credit purchases | Purchase Return | Net Purchases | |||
| 35,000 | + | 55,000 | - | ? | = | 88,000 |
| Cash Purchases | Credit purchases | Trade discount | Net Purchases | |||
| 70,000 | + | ? | - | 18,000 | = | 1,62,000 |
| Cash Purchases | Credit purchases | Total Purchases | Total Creditors | |||
| 80,000 | + | ? | - | 1,90,000 | = | 1,10,000 |
Enter the following transactions in the books of Vijay in Purchase Book, Sales Book, Purchase Returns Book and Sales Returns Book and Journal Proper for the month of August 2018.
2018 August
01 Purchased goods from Vikas Stores ₹ 18,000 at 5% Trade Discount
02 Sold goods of ₹ 9,000 to Prabhakar Traders
05 Veena sold goods of ₹ 16,000 to us at 5% Trade Discount as per our order dated 28th July, 2018.
08 Sent a Debit Note to Vikas Stores ₹ 1,600 (Gross) for goods returned.
10 Sold goods of ₹ 12,000 on credit to Shamal & Sons at 6% Trade Discount.
18 Received Credit Note from Veena ₹ 900 (Gross) for goods returned.
22 Sent Credit Note to Prabhakar Traders for ₹ 1,500 for goods returned. Received Dedit note from Shamal & Sons for ₹ 1,200 (Net) for goods returned.
23 Purchased goods of ₹ 16,600 from Priya Stores and paid for Carriage ₹ 150.
25 Purchased goods from Sadhana Stores ₹ 12,000 and sold the same to Aradhana Stores at a profit of 20% on cost.
28 Aradhana Stores returned goods of ₹ 2,400 as they were defective and the same were returned to Sadhana Stores.
31 Purchased Furniture for office use ₹ 30,000 from Art Furniture Works on credit.
Mr. Akash gives you the following information and asks you to prepare Purchase Book, Sales Book, Purchase Returns Book and Sales Return Book for the month of January 2018.
2018 January
01 Purchased goods on credit from Dhanal Traders for ₹ 15,000 and sold the same to Kunal Traders at a profit of 25% on cost.
05 Placed an order with Sunetra for goods of ₹ 10,000 less 5% Trade discount.
08 Purchased goods of ₹ 20,000 at 10% Trade Discount from Saurabha Traders.
13 Sold goods to Vinayak Stores ₹ 8,000 at 5% Trade Discount.
15 Vinayak Stores returned goods to us ₹ 200.
18 Sunetra executed our order placed on 5th Jan. 2018.
20 Sold goods to Vishnu Traders ₹ 21,000 less 5% Trade Discount.
22 Returned goods to Sunetra ₹ 1,000 (Gross).
28 Kunal Traders returned goods to us ₹ 500
30 Returned goods to Sourabh Traders ₹ 1,500.
