Question

calculate the number of bills accepted during the year Bills payable as on April 01, 2005 Rs.1,80,000 Bills payable as on March 31, 2006 Rs.2,20,000 Bills payable dishonoured during the year Rs.28000 Bills payable paid during the year Rs.50,000

Answer 1

Answer :

Dr                            Bills Payable Account                             Cr

Date Particulars JF Amt. (Rs) Date Particulars JF Amt. (Rs)

To Creditors (Bills Payable dishonoured)  28,000 2005 Apr 1 By Balance b/d  1,80,000

To Cash Bank (Bills Payable Paid)  50,000  By Creditors (Bills Payable)

Balancing figure

1,18,000

2006 Mar 31 To Balance c/d  2,20,000    

2,98,000    2,98,000