During the month of March 2022, Turaco sole trader purchased goods to the value of N$12 000, of which a half (½) was sold for N$10 000 during May. In addition, returns outwards and returns inwards for the month amounted were N$2 000 and N$500, respectively. Compute the net purchases.

During the month of March 2022, Turaco sole trader purchased goods to the value of N$12 000, of which a half (½) was sold for N$10 000 during May. In addition, returns outwards and returns inwards for the month amounted were N$2 000 and N$500, respectively. Compute the net purchases.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 11EB: Gear Up Co. pays 65% of its purchases in the month of purchase, 30% in the month after the purchase,...

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Question

During the month of March 2022, Turaco sole trader purchased goods to the value of N$12 000, of which a half (%)
was sold for N$10 000 during May. In addition, returns outwards and returns inwards for the month amounted were
N$2 000 and N$500, respectively. Compute the net purchases.
Answer:

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