(6) Which transaction relation of debtors and creditors?
a) Asset purchased of Rs.9000 from Mr. Ahuja
b) Asset purchased of Rs.54000
c) Asset Purchased of Rs.35000 from Sbi cheque
d) Asset sell on Rs.91000
Answers
ANSWER
Answer :
Dr Debtor's Account Cr
Date Particulars JF Amt.(Rs) Date Particulars JF Amt. (Rs)
To Balance b/d (Balancing figure) 54,000 By Discount Allowed 2,500
To Bills Receivable (Dishonoured) 3,500 By Bills Receivable (Received) 75,000
To Sales Credit 3,15,000 By Cash A/c 2,20,000
By Balance c/d 75,000
3,72,500 3,72,500
Dr Creditor's Account Cr
Date Particulars JF Amt.(Rs) Date Particulars JF Amt.(Rs)
To Discount Received 1,500 By Balance b/d 50,000
To Cash A/c 1,35,000 By Purchases (credit) 2,95,000
To Bills Receivable (Acceptance) 30,000
To Balance c/d (Balancing figure) 1,78,500
3,45,000 3,45,000
Note : It is assumed that all purchase is credit purchase.
Working Note
Computation of Credit Sales
Sales = Cost of goods sold + Gross profit
Cost of goods sold = Opening stock + Purchases - Closing stock
= 30,000+2,95,000−25,000=3,00,000
When the cost of goods sold is Rs 3,00,000.
Sales will be (Total) = 3,00,000 + 25\%$$ Gross Profit
Gross profit is calculated on sales hence to calculate it on cost of goods sold. The formula will be
= [Costofgoods×
100−25
25
]
= [3,00,000×
75
25
]
Total Sales = 3,00,000+1,00,000=Rs.4,00,000
As we know that cash sales is Rs 85,000
So credit sales will be = 4,00,000−85,000=Rs3,15,000