wiz-icon
MyQuestionIcon
MyQuestionIcon
1
You visited us 1 times! Enjoying our articles? Unlock Full Access!
Question

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

(Rs.)Bills accepted1,05,000Discount received 17,000Purchases returns 9,000Return inwards 12,000Cash paid to accounts payable 50,000Bills receivable endorsed to creditor 45,000Bills dishonoured 17,000Bad debts 14,000Balance of accounts payable(closing) 85,000Credit purchases2,15,000

Open in App
Solution

Dr. Bills Payable Account Cr.DateParticularsJ.F.Amt. (Rs.)DateParticularsJ.F.Amt. (Rs.) Creditors A/c Creditors A/c(Dishonoured)17,000(Acceptance)1,05,000 Cash A/c(Paid Bills Payable)88,000(Balancing Figure)¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯1,05,000––––––––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯1,05,000––––––––––––––––

Dr. Creditor's Account Cr.DateParticularsJ.F.Amt. (Rs.)DateParticularsJ.F.Amt. (Rs.) Discount Received A/c17,000 Balance b/d79,000 Purchase Return A/c9,000(Balancing Figure) Cash A/c50,000 Purchases A/c2,15,000 Bills Receivable A/c Bills Payable A/c17,000 (Endorsed in favour of (Dishonoured) creditors) 45,000 Bills Payable A/c(Acceptances) 1,05,000 Balance c/d 85,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯3,11,000––––––––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯3,11,000––––––––––––––––


flag
Suggest Corrections
thumbs-up
5
similar_icon
Similar questions
View More
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Calculating Interest on Drawings
ACCOUNTANCY
Watch in App
Join BYJU'S Learning Program
CrossIcon