Page 12 - Chapter-11.pmd

448 Accountancy

The bills receivable and bills payable will be prepared as follows :

Total Bills Receivable Account
Dr. Cr.
Date Particulars J.F. Amount Date Particulars J.F Amount
Rs. Rs.
Balance b/d 5,000 Sundry debtors 2,000
(bills dishonoured)
Sundry debtors 13,000 Bank 12,000
(bills received) (bills collected)
(balancing figure)
Balance c/d 4,000
18,000 18,000

Total Bills Payable Account
Dr. Cr.
Date Particulars J.F. Amount Date Particulars J.F. Amount
Rs. Rs.
Bill dishonoured 66,750 Balance b/d 37,500
Balance c/d 52,500 Sundry Creditors 81,750
(bills accepted)
(balancing figure)
1,19,250 1,19,250

Test Your Understanding - I

Tick the correct answer :
1. Incomplete record mechanism of book keeping is :
(a) Scientific (b) Unscientific
(c) Unsystematic (d) both (b) and (c)
2. Opening capital is ascertained by preparing :
(a) Total debtors account (b) Total creditors account
(c) Cash account (d) Opening statement of affairs
3. Credit purchase, during the year is ascertained by preparing :
(a) Total creditors account (b) Total debtors account
(c) Cash account (d) Opening statement of affairs
4. If opening capital is Rs. 60,000, drawings Rs. 5,000, capital introduced during the
period Rs. 10,000, closing capital Rs. 90,000. The value of profit earned during the
period will be :
(a) Rs. 20,000 (b) Rs. 25,000
(c) Rs. 30,000 (d) Rs. 40,000

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