Question

Ascertain the appropriate missing figure from the following information :

Bills receivables as on March 31, 2018 Rs. 20,000,
Bills receivables as on March 31, 2017 Rs. 16,000,
Bills collected Rs. 21,000,
Bills receivable of Rs. 1,00,000 discounted with a bank at a discount of Rs. 4,000,
Bills receivable of Rs. 50,000 endorsed in favour of creditors.
Bills receivable (which were retained ) dishonoured Rs. 25,000.

Answer 1

$\text{Dr.}\text{Bills Receivable Account}\text{Cr.}\begin{array}{cccc}\text{Particulars}& \text{Amt. (Rs.)}& \text{Particulars}& \text{Amt. (Rs.)}\\ \text{Balance b/d}& 16,000& \text{Cash A/c (B/R collected)}& 21,000\\ \text{Total Debtors A/c (B/R drawn)}& 2,00,000& \text{Bank A/c}& 96,000\\ \text{(Balancing figure)}& & \text{Discount A/c}& 4,000\\ & & \text{Total Creditors A/c}& 50,000\\ & & \text{Total Debtors A/c}& 25,000\\ & & \text{Balance c/d}& 20,000\\ & \overline{2,16,000}& & \overline{2,16,000}\end{array}$