Closing balance of trade creditors can be ascertained from _____.

Creditors account

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Balance sheet

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Bills payable account

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Cash book

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Solution

The correct option is B Creditors account
Dr Total Creditors Account Cr
Particulars Amt Particulars Amt
To Cash A/c
To Bill Payable A/c
To Purchase Return A/c
To Balance c/d X
X
X
$x$ By Balanced b/d
By Purchase A/c X
X
X
XX XX

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Similar questions

Accounts payable or creditors ledgers will generally have a _____ balance.

Explain how the following may be ascertained from incomplete records

(a) Opening capital and closing capital

(b) Credit sales and credit purchases

(d) Closing balance of cash

Explain how the following may be ascertained from incomplete records:

(a) Opening capital and closing capital

(b) Credit sales and credit purchases

(d) Closing balance of cash.

	(Rs)
Creditors Jan 1, 2005	$30, 000$
Creditors Dec 31, 2005	$20, 000$
Opening balance of Bills Payable	$25, 000$
Closing balance of Bills Payable	$35, 000$
Cash paid to Creditors	$1, 51, 000$
Bills discharged	$44, 500$
Cash purchase	$1, 29, 000$
Return outwards	$6, 000$

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Particulars	Amt	Particulars	Amt
To Cash A/c To Bill Payable A/c To Purchase Return A/c To Balance c/d	X X X $x$	By Balanced b/d By Purchase A/c	X X X
	XX		XX