Question

Find out the amount of bills matured during the year on the basis of information given below

$\begin{array}{cc}& \text{(Rs.)}\\ \text{Bills payable dishonoured}& 37,000\\ \text{Closing balance of Bills payable}& 85,000\\ \text{Opening balance of Bills payable}& 70,000\\ \text{Bills payable accepted}& 9,000\\ \text{Cheque dishonoured}& 23,000\end{array}$

Answer 1

Bills Payable Account

$\begin{array}{cccccccc}\text{Date}& \text{Particulars}& \text{J.F.}& \text{Amt. (Rs.)}& \text{Date}& \text{Particulars}& \text{J.F.}& \text{Amt. (Rs.)}\\ & \text{Creditors A/c}& & & & \text{Balance b/d}& & 70,000\\ & \text{(Bills dishonoured)}& & 37,000& & \text{Creditors A/c}& & 90,000\\ & & & & & \text{(Bills Payable)}& & \\ & & & & & \text{(Acceptance)}& & \\ & \text{Cash A/c}& & & & & & \\ & \text{(Bill Matured)}& & 38,000& & & & \\ & \text{(Balancing Figure)}& & & & & & \\ & \text{Balance c/d}& & 85,000& & & & \\ & & & \underset{–}{\underset{–}{\overline{1,60,000}}}& & & & \underset{–}{\underset{–}{\overline{1,60,000}}}\end{array}$