Question16. From the following figures relating Apil 2021, prepare total debtors and total cre accounts. \begin{tabular}{|c|c|c|c|} \hline \multicolumn{3}{|c|}{Rs.} & Rs. \\ \hline Balance, 1st April 2021 & & Bills Payable & 5,000 \\ \hline Total Debtors of & 21,600 & Bills receivable & 4,000 \\ \hline & & Bills receivable & \\ \hline Total Creditors & 8,200 & dishonoured & 500 \\ \hline Credit Purchases & 25,300 & Bad debts written off & 600 \\ \hline Credit Sales & 39,400 & Cash sales & 6,300 \\ \hline Cash paid to customers & 19,100 & Discount received & 900 \\ \hline Cash received from & & & \\ \hline customers & 37,200 & Discount allowed & 1,100 \\ \hline \end{tabular}
Studdy Solution
STEP 1
1. The task is to prepare accounts for total debtors and total creditors using the provided financial figures.
2. The accounts will be prepared for the month of April 2021.
3. The opening balance for debtors and creditors is assumed to be included in the figures provided.
4. The accounts will consider transactions such as credit sales, cash received, bad debts, and discounts for debtors, and credit purchases, cash paid, and discounts for creditors.
STEP 2
1. Prepare the Total Debtors Account.
2. Prepare the Total Creditors Account.
STEP 3
List the components for the Total Debtors Account:
- Opening Balance of Debtors: Rs. 21,600
- Add: Credit Sales: Rs. 39,400
- Less: Cash Received from Customers: Rs. 37,200
- Less: Bad Debts Written Off: Rs. 600
- Less: Discount Allowed: Rs. 1,100
- Add: Bills Receivable Dishonoured: Rs. 500
STEP 4
Calculate the Total Debtors Account:
STEP 5
List the components for the Total Creditors Account:
- Opening Balance of Creditors: Rs. 8,200
- Add: Credit Purchases: Rs. 25,300
- Less: Cash Paid to Customers: Rs. 19,100
- Less: Discount Received: Rs. 900
STEP 6
Calculate the Total Creditors Account:
The closing balance for Total Debtors is Rs. 22,600 and for Total Creditors is Rs. 13,500.
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