Accountancy, asked by nishashawnishashaw54, 5 months ago

From the following figures relating to April,2016, prepare Total Debtors and total creditors Accounts. Balance on 1.4.16: ₹ Total Debtors 21,600 Sales credit 39,400 Cash received from customers 37,200 Discount allowed 1,100 ​

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Answered by tamohatalukdar
0

From the following figures relating to April,2016, prepare Total Debtors and total creditors Accounts. Balance on 1.4.16: ₹ Total Debtors 21,600 Sales credit 39,400 Cash received from customers 37,200 Discount allowed 1,100 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 BalanceCr

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

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