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sajay kumar (Querist)
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26 January 2011 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

Kumar

Kumar (Expert)
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26 January 2011
Cash purchases (net) : x = y-z(0.2) = [y-(1/7y)](0.2) = y(6/7) (0.2) = y(1.2/7)
Gross credit purchases : y
Returns on credit purchases: z = y(1/7)
Total purchases (net): 432,000

x+y+z = 432,000

y(1.2/7) + y – y(1/7) = 432,000
y (1.0286) = 432,000
Y = 420000 = Gross credit purchases

Check:
Returns = 432,000/7 = 60,000
Cash purchases = 20% on (432,000-60,000) = 72000
Gross credit purchases = 420000

Total purchases (net): 72,000+420,000-60,000 = 432,000

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)
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26 January 2011 Ans is RS. 368780.50, first confirm then I will mail you detail answer.

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