Question

Prepare the bills payable account from the following and find out missing figure if any

$\begin{array}{cc}& (Rs.)\\ \text{Bills accepted}& 1,05,000\\ \text{Discount received}& 17,000\\ \text{Purchases returns}& 9,000\\ \text{Return inwards}& 12,000\\ \text{Cash paid to accounts payable}& 50,000\\ \text{Bills receivable endorsed to creditor}& 45,000\\ \text{Bills dishonoured}& 17,000\\ \text{Bad debts}& 14,000\\ \text{Balance of accounts payable(closing)}& 85,000\\ \text{Credit purchases}& 2,15,000\end{array}$

Answer 1

$\text{Dr.}\text{Bills Payable Account}Cr.\begin{array}{cccccccc}\text{Date}& \text{Particulars}& \text{J.F.}& \text{Amt. (Rs.)}& \text{Date}& \text{Particulars}& \text{J.F.}& \text{Amt. (Rs.)}\\ & \text{Creditors A/c}& & & & \text{Creditors A/c}& & \\ & \text{(Dishonoured)}& & 17,000& & \text{(Acceptance)}& & 1,05,000\\ & \text{Cash A/c}& & & & & & \\ & \text{(Paid Bills Payable)}& & 88,000& & & & \\ & \text{(Balancing Figure)}& & & & & & \\ & & & \underset{–}{\underset{–}{\overline{1,05,000}}}& & & & \underset{–}{\underset{–}{\overline{1,05,000}}}\end{array}$

$\text{Dr.}\text{Creditor's Account}Cr.\begin{array}{cccccccc}\text{Date}& \text{Particulars}& \text{J.F.}& \text{Amt. (Rs.)}& \text{Date}& \text{Particulars}& \text{J.F.}& \text{Amt. (Rs.)}\\ & \text{Discount Received A/c}& & 17,000& & \text{Balance b/d}& & 79,000\\ & \text{Purchase Return A/c}& & 9,000& & \text{(Balancing Figure)}& & \\ & \text{Cash A/c}& & 50,000& & \text{Purchases A/c}& & 2,15,000\\ & \text{Bills Receivable A/c}& & & & \text{Bills Payable A/c}& & 17,000\\ & \text{(Endorsed in favour of}& & & & \text{(Dishonoured)}& & \\ & \text{creditors)}& & 45,000& & & & \\ & \text{Bills Payable A/c}& & & & & & \\ & \text{(Acceptances)}& & 1,05,000& & & & \\ & \text{Balance c/d}& & 85,000& & & & \\ & & & \underset{–}{\underset{–}{\overline{3,11,000}}}& & & & \underset{–}{\underset{–}{\overline{3,11,000}}}\end{array}$