Question

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

$\begin{array}{cc}& \text{Rs.}\\ \text{Opening balance of debtors}& 14,00,000\\ \text{Opening balance of bills receivable}& 7,00,000\\ \text{Closing blaance of bills receivable}& 3,50,000\\ \text{Cheque dishonoured}& 27,000\\ \text{Cash received from debtors}& 10,75,000\\ \text{Cheque received and deposited in the banks}& 8,25,000\\ \text{Discount allowed}& 37,500\\ \text{Irrecoverable amount}& 17,500\\ \text{Return Inwards}& 28,000\\ \text{Bills receivable received from customers}& 1,05,000\\ \text{Bills receivable matured}& 2,80,000\\ \text{Bills discounted}& 65,000\\ \text{Bills endorsed to creditors}& 70,000\end{array}$

Answer 1

$\text{Dr.}\text{Debtor’s Account}Cr.\begin{array}{cccccccc}\text{Date}& \text{Particulars}& \text{J.F.}& \text{Amt. (Rs.)}& \text{Date}& \text{Particulars}& \text{J.F.}& \text{Amt. (Rs.)}\\ & \text{Balance b/d}& & 14,00,000& & \text{Cash A/c}& & 10,75,000\\ & \text{Bank A/c (cheque}& & & & \text{Bank A/c}& & \\ & \text{dishonoured)}& & 27,000& & \text{(cheque)}& & 8,25,000\\ & & & & & \text{Bad Debts A/c}& & 17,500\\ & \text{Bills}& & & & \text{Return}& & \\ & \text{Receivable A/c}& & & & \text{Inwards A/c}& & 28,000\\ & \text{(Dishonoured)}& & 40,000& & \text{Discount}& & \\ & \text{Sales A/c}& & & & \text{Allowed A/c}& & 37,500\\ & \text{(Credit)}& & & & \text{Bills}& & \\ & \text{(Balancing figure)}& & 6,21,000& & \text{Receivable A/c}& & 1,05,000\\ & & & \underset{–}{\underset{–}{\overline{20,88,000}}}& & & & \underset{–}{\underset{–}{\overline{20,88,000}}}\end{array}$

$\text{Dr}\text{Bills Receivable Account}Cr\begin{array}{cccccccc}\text{Date}& \text{Particulars}& \text{J.F.}& \text{Amt. (Rs.)}& \text{Date}& \text{Particulars}& \text{J.F.}& \text{Amt. (Rs.)}\\ & \text{Balance b/d}& & 7,00,000& & \text{Cash A/c}& & \\ & \text{Debtors A/c (Bills}& & & & \text{(matured)}& & 2,80,000\\ & \text{Receivable}& & & & \text{Bank A/c}& & \\ & \text{Received)}& & 1,05,000& & \text{(Bill endorsed)}& & 65,000\\ & & & & & \text{Creditors A/c}& & \\ & & & & & \text{(endorsed)}& & 70,000\\ & & & & & \text{Debtors A/c}& & \\ & & & & & \text{(Dishonoured)}& & 40,000\\ & & & & & \text{(Balancing figure)}& & \\ & & & & & \text{Balance c/d}& & 3,50,000\\ & & & \underset{–}{\underset{–}{\overline{8,05,000}}}& & & & \underset{–}{\underset{–}{\overline{8,05,000}}}\end{array}$