Question

Cash received from debtors Rs.4000

Answer 1

Answer:

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

)

Explanation:

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