total purchases help

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
help is there anyone that can tel me how to calculate the total purchases for the year, as i doing the aat exam papers dec 2003.

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    total purchases help

    You need to calculate the total credit purchases in task 1.1 first.<BR><BR>Purchase Ledger Control Account.<BR>Payments to creditors of 48,665 (from bank account summary) + Closing<BR>Balance of 11,835 (from other information) - Opening Balance of 12,000<BR>(from last years Balance Sheet).<BR>This gives a total credit purchase for the year of 48,500.<BR><BR>You then have to include the cash purchases of 1,200 from the cash<BR>account giving you total purchases for the year of 49,700.<BR>Hope this helps.

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