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SSC Financial and Cost Accounting P-1 QUESTION #9641
Question 1
From the Creditors Account: Opening Creditors Rs. 7,600; Cash Paid to Creditors Rs. 20,000; Discount Received Rs. 500; Returns Outward Rs. 2,400; Closing Creditors Rs. 9,500. What is the amount of Credit Purchases?
  • Rs. 24,800✔️
  • Rs. 24,300
  • Rs. 22,000
  • Rs. 26,400
Correct Answer Explanation
Credit Purchases = Closing Creditors + Cash Paid + Discount Received + Returns Outward – Opening Creditors = 9,500 + 20,000 + 500 + 2,400 – 7,600 = Rs. 24,800.