Page 22 - Chapter-11.pmd

458 Accountancy

(i) Balance Sheet as on April 1, 2013
Liabilities Amount Assets Amount
Rs. Rs.
Capital 92,500 Motor Car 71,700
Bills payable 32,800 Stock 51,500
Creditors 84,200 Debtors 49,500
Bills receivable 24,400
Cash in hand 12,400
2,09,500 2,09,500

(ii) Cash Transactions during the year
Dr. Cr.
Receipts Amount Payments Amount
Rs. Rs.
Balance b/d 12,400 Furniture 30,000
Receipt from debtors 1,15,000 Wages 9,400
Bills receivable 14,200 Purchases 40,500
Sales 1,03,000 Drawings 24,000
Bills payable 30,700
General expenses 20,700
Payment to creditors 80,800
Balance c/d 8,500
2,44,600 2,44,600

(iii) Other Information

Particulars Amount
Rs.
Bills receivable drawn (received) 6,300
Discount to customers 2,300
Discount from suppliers 700
Credit purchases 29,600
Closing stock 41,700
Closing balance of debtor 55,000
Closing balance of bills payable 10,200

Solution
Cash sales and cash purchases are available from cash transactions. Credit purchase is
also given. But credit sale is to be ascertained by the opening debtors account. Though the
credit purchase is available, the closing balance of creditors is not known. That is why the
creditors account also has to be opened. As there are bills payable and bills receivable,
those accounts also have to be opened, otherwise the creditors and debtors accounts will
not be complete.

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