From the following information ascertain the opening balance of sundry debtors and closing balance of sundry creditors: | Particulars | Amount (₹) | |:---|---:| | 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 ₹85,000 was for cash sales. > [!NOTE] > Hint (as printed): Total sales = ₹4,00,000 = 3,00,000 × 100 / 75.

From the following information ascertain the opening balance of sundry debtors and closing balance of sundry c

Numerical Questions · Q27

From the following information ascertain the opening balance of sundry debtors and closing balance of sundry creditors:

Particulars	Amount (₹)
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 ₹85,000 was for cash sales.

Note

Hint (as printed): Total sales = ₹4,00,000 = 3,00,000 × 100 / 75.

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Gross profit is 25% on selling price, so cost is 75% of sales. Cost of goods sold = ₹3,00,000, giving total sales = ₹4,00,000 and credit sales = ₹3,15,000. The Total Debtors Account then gives opening debtors = ₹54,000 (balancing), and the Total Creditors Account gives closing creditors = ₹1,78,500 (balancing).

Gross-profit / sales working

Cost of goods sold = Opening stock + Purchases − Closing stock = ₹30,000 + ₹2,95,000 − ₹25,000 = ₹3,00,000.

Gross profit is 25% on selling price, so cost = 75% of sales. Total sales = ₹3,00,000 × 100 / 75 = ₹4,00,000.

Credit sales = Total sales ₹4,00,000 − Cash sales ₹85,000 = ₹3,15,000.

Total Debtors Account

Date	Particulars	J.F.	Amount (₹)	Date	Particulars	J.F.	Amount (₹)
2016 Apr 1	To Balance b/d (opening debtors)	—	54,000		By Cash A/c (received from customers)	—	2,20,000
	To Sales A/c (credit sales)	—	3,15,000		By Discount Allowed A/c	—	2,500
	To Bills Receivable A/c (B/R dishonoured)	—	3,500		By Bills Receivable A/c (bills received)	—	75,000
				2017 Mar 31	By Balance c/d	—	75,000
			3,72,500				3,72,500

Total Creditors Account

|:---|:---|:---:|---:|:---|:---|:---:|---:| …

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