Examkin

Soru

Zorluk: OrtaPurchases Journal and Purchases Returns Journal

Kalu Traders completed the following transactions during May 2026:
- May 4: Purchased 100100 bags of sugar at N2,000\text{N}2,000 per bag on credit from Dangote Foods Ltd, subject to a 10%10\% trade discount.
- May 12: Purchased office furniture on credit from Woodworks Ltd for N50,000\text{N}50,000.
- May 18: Bought 5050 bags of rice at N3,000\text{N}3,000 per bag for cash.
- May 25: Bought 4040 cartons of milk at N5,000\text{N}5,000 per carton on credit from Peak Ltd, subject to a 5%5\% trade discount.

What is the total amount in Naira (N\text{N}) to be recorded in the Purchases Journal for May 2026?

Cevap: 370000 Naira

Cevap

The total amount to be recorded in the Purchases Journal for May 2026 is ₦370,000.
The Purchases Journal records only credit purchases of goods intended for resale. Calculating net amounts after trade discounts gives ₦180,000 for May 4 and ₦190,000 for May 25, resulting in a total of ₦370,000. Capital expenditure (furniture) and cash purchases (rice) are excluded.

Adım Adım Çözüm

1
Calculate net credit purchase of sugar on May 4
Gross amount = 100 × ₦2,000 = ₦200,000. Less 10% trade discount (₦20,000) = ₦180,000.
Credit purchases of inventory intended for resale are entered in the Purchases Journal after deducting trade discounts.
2
Evaluate May 12 transaction
₦0 included in Purchases Journal.
Purchasing office furniture is a capital expenditure (fixed asset) and must be entered in the General Journal (Journal Proper).
3
Evaluate May 18 transaction
₦0 included in Purchases Journal.
Cash purchases of goods are entered in the Cash Book, not the Purchases Journal.
4
Calculate net credit purchase of milk on May 25
Gross amount = 40 × ₦5,000 = ₦200,000. Less 5% trade discount (₦10,000) = ₦190,000.
Trade discount is deducted on the invoice before recording in the book of prime entry.
5
Sum total credit purchases of goods
Total = ₦180,000 + ₦190,000 = ₦370,000.
The total of the Purchases Journal reflects total net credit purchases of inventory for the period.

Anahtar Kavram

Purchases Journal Scope and Trade Discount Calculation
Bu soruyu puanla

Konular

Purchases Journal and Purchases Returns Journal

Bu konudan daha fazla soru