46. From the following calculate Total Sales made during the period 1st January, 2016 to 31st December,
2016:
Bills receivable in the beginning
"Bills receivable encashed during the year
Debtors in the beginning
Cash received from debtors
Bad debts written off
Returns inward
Bills receivable dishonoured
Bills receivable at the end.
Debtors at the end
Cash sales (as per cash book)
7,800
20,900
30,800
70,000
2,800
.8,700
1,800
6,000
25,500
40,900
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Answer:
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
Bill receivable dishonored 3,500
Purchases 2,95,000
The rate of gross profit is 25% on selling price and out of the total sales Rs85,000 was for cash sales.
( Hint Total sales = 4,00,000=3,00,000×
75
100
)
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