Question

Collected ₹ 35,000 from debtors. The account to be credited is ............​

Answer 1

Answer:

35000

Explanation:

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Answer 2

Answer:

Opening balance - cash collection + Credit sales - Bills Receivable received - discount allowed.

Rs.35,000-Rs.30,000+Rs.80,000 - Rs.40,000-Rs.300 = Rs.44,700

Note 1: If cash sales is Rs.20,000 which is 20% of total sales, hence 80% is credit sales i.e Rs.80,000.

Note 2: Discount allowed is 1% of cash collection , cash collected is Rs.30,000 , 1% of which is Rs.300