Page 11 - Chapter-11.pmd

Accounts from Incomplete Records 447

11.4.3 Ascertainment of Bills Receivable and Bills payable

Quite often, while all details relating to bills receivable and bills payable are
available but the figures of the bills received and bills accepted during the
year are not given. In such a situation, total bills receivable account and total
bills payable account can be prepared and the missing figures ascertained as
the balancing figures. The proforma of total bills receivable account and total
bills payable account is shown in figure 11.6 and figure 11.7.

Total Bills Receivable Account
Dr. Cr.
Date Particulars J.F. Amount Date Particulars J.F. Amount
Rs. Rs.
Balance b/d .... Bank ....
(bills honoured)
Sundry debtors .... Sundry debtors ....
(bills received) (bills dishonoured)
Balance c/d ....
xxx xxx

Fig. 11.6 : Showing format of bills receivable account

Total Bills Payable Account
Dr. Cr.
Date Particulars J.F. Amount Date Particulars J.F. Amount
Rs. Rs.
Bank .... Balance b/d ....
(bills matured)
Sundry creditors .... Sundry creditors ....
(bills dishonoured) (bills accepted)
Balance c/d ....
xxx xxx

Fig. 11.7 : Showing format of bills payable account
For example consider the following data available from the records of M/s S.S. Senapati
Rs.
Opening bills receivable 5,000
Opening bills payable 37,000
Bills receivable dishonoured 2,000
Bills payable dishonoured 66,750
Closing bills payable 52,000
Bills collected during the year 12,000
Closing bills receivable 4,000

2015-16