friends, please help me in clearing this
total purchases- 432000
cash purchases-20% of net credit pirchases,purchaSE returns1/7 th of gross creditpurchases
find the gross credit purchases. i tried in so many ways. please help me
sajay kumar (IPCC STUDENT) (162 Points)
26 January 2011friends, please help me in clearing this
total purchases- 432000
cash purchases-20% of net credit pirchases,purchaSE returns1/7 th of gross creditpurchases
find the gross credit purchases. i tried in so many ways. please help me
Manmohan ACA, CS
(Chartered Accountant )
(14243 Points)
Replied 26 January 2011
Its simple and I like these kind a sum very much
Let Gross credit purchase is 'X'
so the return is 1/7of X
so net credit purchase = gross credit purchase - return
= X - 1/7X
= 6/7X
since given that cash purchase is 20% of net credit purchase i.e 20% of 6/7 X = 1.2X / 7
again given that Total purchase is 432000
therefore,
gross purchase + cash purchase = X + 1.2/7 X =432000
X = 368780.48 approx i.e. the gross purchase
Sapna
(CA)
(27 Points)
Replied 26 January 2011
Assume ur Credit purchases to be 1x on total purchases and so returns wld be 0.1428x so net credit purchases is 0.8571x and ur cash purchses is 20% on net credit purchase which wld come to 0.1714x So ur total Purchases wld be 1x(credit purchase) + 0.1714x(Cash purchase)=1.1714x.
Therefore ur gross credit purchase wld be 43200/1.1714*1=36878
and cash purchase 43200/1.1714*0.1714=6392
Total purchases of = 43,200
Shubhankar Limaye
(B.Com.)
(174 Points)
Replied 26 January 2011
Assuming the total purchases are net of returns
Let Net credit purchases be 'x', therefore total purchases will be x+.2x
therefore 432000=1.2x
x=360000
net purchases are 6/7th of gross credit purchases
thus gross credit purchases are 420000.
APOORV SAXENA
(Chartered Accountant)
(794 Points)
Replied 26 January 2011
agreed with manmohan & sapna....answer will be approx Rs. 368780 taking in round figure !!
radhika agarwal
(pcc student)
(169 Points)
Replied 26 January 2011
very clearly explained by manmohan........
Vikas Gupta
(CHARTERED ACCOUNTANT)
(16295 Points)
Replied 26 January 2011
| Originally posted by : radhika agarwal | ||
 |
very clearly explained by manmohan........ |
 |
Abhishek Jain
(RisK Manger)
(231 Points)
Replied 27 January 2011
Agree with manmohan it is 368780 Rs.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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