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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Purchases

  • This topic has 0 replies, 1 voice, and was last updated 22 hours ago by Hinthu.
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    Posts
  • November 1, 2025 at 2:21 pm #723420
    Hinthu
    Participant
    • Topics: 27
    • Replies: 27
    • ☆☆

    Trade payables:
    31.Jan.2002: 130400
    31.Jan.2003: 171250
    Payments to supplier: 888,400
    Cost of goods taken from inventory by senji(the owner) for her personal use: 1000
    Discount received:11200
    Refunds received from suppliers:2400

    What should be the figure for senji’s financial statements for the year ended 31.jan.2003?

    My entries in the payables account:
    Dr. (Cash) 888400
    Dr.(purchases) 2400
    Dr. (Discount) 11200
    Cr: (Purchases) 942850
    C/F: 171250
    B/F: 130400

    In the purchase account:
    Dr (payables) : 942850
    Cr (Drawings): 1000
    Cr:(Payables): 2400
    SOPL: 939450

    In the Discount received:
    Cr(Payables): 11,200

    Net purchases:
    939450-11200=928250

    However the answer is:937050. Can you explain, how this answer comes?

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