Question

From the following,calculate the amount of bills accepted during the year.

$\begin{array}{cc}& \text{(Rs.)}\\ \text{Bills payable as on April 1, 2005}& 1,80,000\\ \text{Bills payable as on March 31, 2006}& 2,20,000\\ \text{Bills payable dishonoured during the year}& 28,000\\ \text{Bills payable honoured during the year}& 50,000\end{array}$

Answer 1

$\text{Dr.}\text{Bills Payable Account}Cr.\begin{array}{cccccccc}\text{Date}& \text{Particulars}& \text{J.F.}& \text{Amt. (Rs.)}& \text{Date}& \text{Particulars}& \text{J.F.}& \text{Amt. (Rs.)}\\ & & & & \text{2005}& & & \\ & \text{Creditors}& & & Apr1& \text{Balance b/d}& & 1,80,000\\ & \text{(Bills Payable}& & & & \text{Creditors}& & \\ & \text{dishonoured)}& & 28,000& & \text{(Bills Payable)}& & 1,18,000\\ & \text{Cash Bank}& & & & \text{Balancing figure}& & \\ & \text{(Bills Payable}& & & & & & \\ & \text{Paid)}& & 50,000& & & & \\ 2006& & & & & & & \\ Mar31& \text{Balance c/d}& & 2,20,000& & & & \\ & & & \underset{–}{\underset{–}{\overline{2,98,000}}}& & & & \underset{–}{\underset{–}{\overline{2,98,000}}}\end{array}$