Calculate material consumed in production and payment for the inventory from the given figures. Assume entire purchase is on credit basis: Particulars ₹ Inventory in the beginning 80,000 Credit Purchases 3,20,000 Invento
CS Executive · Corporate Accounting and Financial Management · PYQS · June 2025
Calculate material consumed in production and payment for the inventory from the given figures. Assume entire purchase is on credit basis: Particulars ₹ Inventory in the beginning 80,000 Credit Purchases 3,20,000 Inventory in the end 76,000 Trade payables in the beginning 28,000 Trade payables at the end 29,000
Answer & Explanation:
Inventory A/c Amount in ₹ Amount in ₹ To balance b/d 80,000 By Material consumed (Balancing figure) 3,24,000 To Trade Payables 3,20,000 By balance c/d 76,000 4,00,000 4,00,000 Trade Payable A/c Amount in ₹ Amount in ₹ To bank (Bal.figure) 3,19,000 By balance b/d 28,000 To balance c/d 29,000 By Inventory 3,20,000 3,48,000 3,48,000
Topics: Corporate Accounting
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