Question

Calculate the amount of bills receivable during the year

$\begin{array}{cc}& (Rs.)\\ \text{Opening balances of bills receivable}& 75,000\\ \text{Bills dishonoured}& 25,000\\ \text{Bills collected (honoured)}& 1,30,000\\ \text{Bills receivable to creditors}& 15,000\\ \text{Closing balance of bills receivables}& 65,000\end{array}$

Answer 1

$\text{Dr.}\text{Bills Receivable Account}Cr.\begin{array}{cccccccc}\text{Date}& \text{Particulars}& \text{J.F.}& \text{Amt. (Rs.)}& \text{Date}& \text{Particulars}& \text{J.F.}& \text{Amt. (Rs.)}\\ & \text{Balance b/d}& & 75,000& & \text{Debtors A/c}& & \\ & \text{Debtors A/c}& & & & \text{(Bill dishonoured)}& & 25,000\\ & \text{(Bills receivable}& & & & \text{Cash A/c}& & \\ & \text{acceptance)}& & 1,60,000& & \text{(Bills dishonoured)}& & 1,30,000\\ & \text{(Balancing Figure)}& & & & \text{Bill Endorsed}& & 15,000\\ & & & & & \text{Balance c/d}& & 65,000\\ & & & \underset{–}{\underset{–}{\overline{2,35,000}}}& & & & \underset{–}{\underset{–}{\overline{2,35,000}}}\end{array}$