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Question
Calculate the amount of bills receivable dishonoured from the following information.
|
|
Rs |
|
Opening balance of bills receivable |
1,20,000 |
|
Bills collected (honoured) |
1,85,000 |
|
Bills receivable endorsed |
22,800 |
|
Closing balance of bills receivable |
50,700 |
|
Bills receivable received |
1,50,000 |
Solution
|
Bills Receivable Account |
||||
|
Dr. |
Cr. |
|||
|
Particulars |
Amount |
Particulars |
Amount |
|
|
Balance b/d |
1,20,000 |
Cash/Bank |
1,85,000 |
|
|
Creditors |
22,800 |
|||
|
Balance c/d |
50,700 |
|||
|
Debtors |
1,50,000 |
Debtors |
11,500 |
|
|
(Balancing figure) |
(Balancing figure) |
|||
|
2,70,000 |
2,70,000 |
|||
Bills Receivable dishonoured isRs 11,500.
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RELATED QUESTIONS
What practical difficulties are encountered by a trader due to incompleteness of accounting records?
From the following information, calculate capital at the beginning:
|
|
Rs |
|
Capital at the end of the year |
4,00,000 |
|
Drawings made during the year |
60,000 |
|
Fresh capital introduce during the year |
1,00,000 |
|
Profit of the current year |
80,000 |
From the following information calculate the amount to be paid to creditors:
|
|
Rs |
|
Sundry creditors as on March 31, 2017 |
1,80,425 |
|
Discount received |
26,000 |
|
Discount allowed |
24,000 |
|
Return outwards |
37,200 |
|
Return inward |
32,200 |
|
Bills accepted |
1,99,000 |
|
Bills endorsed to creditors |
26,000 |
|
Creditors as on April 01, 2016 |
2,09,050 |
|
Total purchases |
8,97,000 |
|
Cash purchases |
1,40,000 |
Find out the credit purchases from the following:
|
|
Rs |
|
Balance of creditors April 01, 2016 |
45,000 |
|
Balance of creditors March 31, 2017 |
36,000 |
|
Cash paid to creditors |
1,80,000 |
|
Cheque issued to creditors |
60,000 |
|
Cash purchases |
75,000 |
|
Discount received from creditors |
5,400 |
|
Discount allowed |
5,000 |
|
Bills payable given to creditors |
12,750 |
|
Return outwards |
7,500 |
|
Bills payable dishonoured |
3,000 |
|
Bills receivable endorsed to creditors |
4,500 |
|
Bills receivable endorsed to creditors |
1,800 |
|
Return inwards |
3,700 |
From the following information calculate total purchases.
|
|
Rs |
|
Creditors April. 01, 2016 |
30,000 |
|
Creditors March. 31, 2017 |
20,000 |
|
Opening balance of Bills payable |
25,000 |
|
Closing balance of Bills payable |
35,000 |
|
Cash paid to creditors |
1,51,000 |
|
Bills discharged |
44,500 |
|
Cash purchases |
1,29,000 |
|
Return outwards |
6,000 |
The following information is given
|
|
Rs |
|
Opening creditors |
60,000 |
|
Cash paid to creditors |
30,000 |
|
Closing creditors |
36,000 |
|
Returns Inward |
13,000 |
|
Bill matured |
27,000 |
|
Bill dishonoured |
8,000 |
|
Purchases return |
12,000 |
|
Discount allowed |
5,000 |
Calculate credit purchases during the year
From the following, calculate the amount of bills accepted during the year.
|
|
Rs |
|
Bills payable as on April 01, 2016 |
1,80,000 |
|
Bills payable as on March 31, 2017 |
2,20,000 |
|
Bills payable dishonoured during the year |
28,000 |
|
Bills payable honoured during the year |
50,000 |
Find out the amount of bills matured during the year on the basis of information given below;
|
|
Rs |
|
Bills payable dishonoured |
37,000 |
|
Closing balance of Bills payable |
85,000 |
|
Opening balance of Bills payable |
70,000 |
|
Bills payable accepted |
90,000 |
|
Cheque dishonoured |
23,000 |
Prepare the bills payable account from the following and find out missing figure if any :
|
|
Rs |
|
Bills accepted |
1,05,000 |
|
Discount received |
17,000 |
|
Purchases returns |
9,000 |
|
Return inwards |
12,000 |
|
Cash paid to accounts payable |
50,000 |
|
Bills receivable endorsed to creditor |
45,000 |
|
Bills dishonoured |
17,000 |
|
Bad debts |
14,000 |
|
Balance of accounts payable (closing) |
85,000 |
|
Credit purchases |
2,15,000 |
Calculate the amount of bills receivable during the year.
|
|
Rs |
|
Opening balance of bills receivable |
75,000 |
|
Bill dishonoured |
25,000 |
|
Bills collected (honoured) |
1,30,000 |
|
Bills receivable endorsed to creditors |
15,000 |
|
Closing balance of bills receivable |
65,000 |
From the details given below, find out the credit sales and total sales.
|
|
Rs |
|
Opening debtors |
45,000 |
|
Closing debtors |
56,000 |
|
Discount allowed |
2,500 |
|
Sales returns |
8,500 |
|
Irrecoverable amount |
4,000 |
|
Bills receivables received |
12,000 |
|
Bills receivable dishonoured |
3,000 |
|
Cheque dishonoured |
7,700 |
|
Cash sales |
80,000 |
|
Cash received from debtors |
2,30,000 |
|
Cheque received from debtors |
25,000 |
From the following information, prepare the bills receivable account and total debtors account for the year ended March 31, 2017.
|
|
Rs |
|
Opening balance of debtors |
1,80,000 |
|
Opening balance of bills receivable |
55,000 |
|
Cash sales made during the year |
95,000 |
|
Credit sales made during the year |
14,50,000 |
|
Return inwards |
78,000 |
|
Cash received from debtors |
10,25,000 |
|
Discount allowed to debtors |
55,000 |
|
Bills receivable endorsed to creditors |
60,000 |
|
Cash received (bills matured) |
80,500 |
|
Irrecoverable amount |
10,000 |
|
Closing balance of bills receivable on March. 31, 2017 |
75,500 |
Prepare the suitable accounts and find out the missing figure if any.
|
|
Rs |
|
Opening balance of debtors |
14,00,000 |
|
Opening balance of bills receivable |
7,00,000 |
|
Closing balance of bills receivable |
3,50,000 |
|
Cheque dishonoured |
27,000 |
|
Cash received from debtors |
10,75,000 |
|
Cheque received and deposited in the bank |
8,25,000 |
|
Discount allowed |
37,500 |
|
Irrecoverable amount |
17,500 |
|
Returns inwards |
28,000 |
|
Bills receivable received from customers |
1,05,000 |
|
Bills receivable matured |
2,80,000 |
|
Bills discounted |
65,000 |
|
Bills endorsed to creditors |
70,000 |
From the following information ascertain the opening balance of sundry debtors and closing balance of sundry creditors
|
|
Rs |
|
Opening stock |
30,000 |
|
Closing stock |
25,000 |
|
Opening creditors |
50,000 |
|
Closing debtors |
75,000 |
|
Discount allowed by creditors |
1,500 |
|
Discount allowed to customers |
2,500 |
|
Cash paid to creditors |
1,35,000 |
|
Bills payable accepted during the period |
30,000 |
|
Bills receivable received during the period |
75,000 |
|
Cash received from customers |
2,20,000 |
|
Bills receivable dishonoured |
3,500 |
|
Purchases |
2,95,000 |
The rate of gross profit is 25% on selling price and out of the total sales Rs 85,000 was for cash sales.
(Hint: Total sales = 4,00,000 = 3,00,000 × 100 × `100/75`)
Mrs Bhavana keeps his books by Single Entry System. You.re required to prepare final accounts of her business for the year ended March 31, 2017. Her records relating to cash receipts and cash payments for the above period showed the following particulars:
|
Summary of Cash |
|||
|
Dr. |
Cr. |
||
|
Receipts |
Amount |
Payments |
Amount |
|
Opening balance of cash |
12,000 |
Paid to creditors |
53,000 |
|
Further capital |
20,000 |
Business expenses |
12,000 |
|
Received from debtors |
1,20,000 |
Wage paid |
30,000 |
|
Bhavana’s drawings |
15,000 |
||
|
Balance at bank on |
35,000 |
||
|
March. 31,2017 |
|||
|
Cash in hand |
7,000 |
||
|
1,52,000 |
1,52,000 |
||
The following information is also available:
|
April. 01, 2016 |
March. 31, 2017 |
|
|
Rs |
Rs |
|
|
Debtors |
55,000 |
85,000 |
|
Creditors |
22,000 |
29,000 |
|
Stock |
35,000 |
70,000 |
|
Plant |
10,00,000 |
1,00,000 |
|
Machinery |
50,000 |
50,000 |
|
Land and Building |
2,50,000 |
2,50,000 |
|
Investment |
20,000 |
20,000 |
All her sales and purchases were on credit. Provide depreciation on plant and building by 10% and machinery by 5%, make a provision for bad debts by 5%.
