Numerical Questions · Q21
Q.
Prepare the bills payable account from the following and find out missing figure if any:
| Particulars | Amount (₹) |
|---|---|
| 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 |
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Start your 14-day free trial to unlock the full solution →Prepare the Total Creditors (Accounts Payable) Account. Cash paid, discount received, purchases return, bills payable accepted, bills receivable endorsed and the closing balance are debited; credit purchases and the dishonoured bill are credited. The opening balance of creditors is the balancing figure. Return inwards ₹12,000 and bad debts ₹14,000 relate to debtors and are excluded.
Total Creditors (Accounts Payable) Account
| Date | Particulars | J.F. | Amount (₹) | Date | Particulars | J.F. | Amount (₹) |
|---|---|---|---|---|---|---|---|
| To Cash | 50,000 | By Balance b/d (bal. fig.) | 79,000 | ||||
| To Discount Received | 17,000 | By Bills Dishonoured | 17,000 |
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