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Explanation:
11th
Accountancy
Introduction to Accounting
Basic Terms in Accounting
Question : From the followi...
ACCOUNTANCY
Question : From the following information ascertain the opening balance of sundry debtors and closing balance of sundry debtors and closing balance of sundry creditors
(Rs)
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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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
i think so correct