Question

Prepare the suitable accounts and find out the missing figure if any.

	Rs
Opening balance of debtors	14,00,000
Opening balance of bills receivable	7,00,000
Closing balance of bills receivable	3,50,000
Cheque dishonoured	27,000
Cash received from debtors	10,75,000
Cheque received and deposited in the bank	8,25,000
Discount allowed	37,500
Irrecoverable amount	17,500
Returns inwards	28,000
Bills receivable received from customers	1,05,000
Bills receivable matured	2,80,000
Bills discounted	65,000
Bills endorsed to creditors	70,000

Answer 1

Debtors Account
Dr.		Cr.
Particulars	Amount Rs		Particulars	Amount Rs
Balance b/d	14,00,000		Cash	10,75,000
Bank (cheque dishonoured)	27,000		Bank	8,25,000
B/R (dishonoured)	40,000		Discount Allowed	37,500
			Bad debt (irrecoverable amount)	17,500
			Return Inwards	28,000
Sales—Credit (Balancing figure)	6,21,000		B/R (received)	1,05,000
	20,88,000			20,88,000

Bills Receivable Account
Dr.		Cr.
Particulars	Amount Rs		Particulars	Amount Rs
Balance b/d	7,00,000		Cash (B/R matured)	2,80,000
			Bank (Bill endorsed)	65,000
			Creditors (endorsed)	70,000
Debtors (B/R received)	1,05,000		Balance c/d	3,50,000
			Debtors (dishonoured)	40,000
			(Balancing figure)
	8,05,000			8,05,000

Note: As per solution, the missing figure in the bills receivable account is B/R dishonoured of Rs 40,000. The missing figure in the debtors account is the credit sales of Rs 6,21,000, However, the NCERT book shows a credit sales Rs 5,16,000.

In order to match our answer with that of the book, B/R received from the customers is not shown in the debtors account.