From the following information prepare the bills receivable account and total debtors account for the year ended December 31,2005.
Rs.Opening balance of debtors1,80,000Opening balance of bills receivable55,000Cash sales made during the year95,000Credit sales made during the year14,50,000Return inwards78,000Cash received from debtors10,25,000Discount allowed to debtors55,000Bills receivable endorsed to creditors60,000Cash received (bills matured)80,500Irrecoverable account10,000Closing balance of bills receivable on Dec.31,200575,500
Dr. Debtor's Account Cr.DateParticularsJFAmt.(Rs.)DateParticularsJFAmt.(Rs.) Balance b/d1,80,000 Return Sales14,50,000Inwards78,000 Discountallowed55,000 Cash10,25,000 Bad debts10,000 Billsreceivable(Acceptancereceived)1,61,000 Balance c/d3,01,000(Balancing figure) ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯16,30,000––––––––––––––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯16,30,000––––––––––––––––––––––
Dr. Bills Receivable Account Cr.DateParticularsJFAmt. (Rs.)DateParticularsJFAmt. (Rs.) Balance b/d55,000 Cash/Bank80,500 Debtors Creditors(Acceptance (endorsed)60,000Received)1,61,000 Balance c/d75,500(Balancing figure)¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯2,16,000––––––––––––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯2,16,000––––––––––––––––––––