Question

Asertain the appropriate missing figures by preparing Total Creditors Account from the following information :
Creditors as on March 31, 2018 Rs. 6,000,
Creditors as on March 31, 2017 Rs. 36,000,
Cash paid to creditors Rs. 1,04,400,
Discount allowed by creditors Rs 2,000,
Purchase return Rs. 2,000,
Bills payables accepted Rs. 34,000,
Cheques issued to creditors Rs. 20,000,
Bills receivables endorsed in favour of creditors Rs. 40,000 out of which $25\%$ bills were dishonoured.

Answer 1

$\text{Dr.}\text{Total Creditors Account}\text{Cr.}\begin{array}{cccc}\text{Particulars}& \text{Amt. (Rs.)}& \text{Particulars}& \text{Amt. (Rs.)}\\ \text{Cash A/c}& 1,04,400& \text{Balance b/d}& 36,000\\ \text{Bank A/c}& 20,000& \text{Total Debtors' A/c}& \\ \text{Bills Receivable A/c}& 40,000& (25\%\text{of Rs. 40,000)}& 10,000\\ \text{Bills Payable A/c}& 34,000& \text{Credit Purchases}& \\ \text{Discount}& 2,000& \text{(Balancing figure)}& 1,62,400\\ \text{Purchase Return}& 2,000& & \\ \text{Balance c/d}& 6,000& & \\ & \overline{2,08,400}& & \overline{2,08,400}\end{array}$