Commerce Exam > Commerce Questions > From the following information,prepare bills ...
Start Learning for Free
From the following information,prepare bills receivable account and total debtors account? opening balance of debtors-180000 opening balance of bills receivable-55000 cash sales-95000 credit sales-1450000 sales return-78000 cash received from debtors-1025000 discount allowed-55000 bills receivable endorsed to creditors-60000 cash received(bill matured)-80000 bad debts-10000 closing capital of bills receivable-75500?
Most Upvoted Answer
From the following information,prepare bills receivable account and to...
Preparation of Bills Receivable Account:
• Opening balance of bills receivable: $55,000
• Cash received (bill matured): $80,000
• Closing capital of bills receivable: $75,500
• Bills receivable endorsed to creditors: $60,000
Calculation:
• Total bills receivable at the beginning: $55,000
• Add: Cash received (bill matured): $80,000
• Less: Bills receivable endorsed to creditors: $60,000
• Closing balance of bills receivable: $75,500
Bills Receivable Account:
Opening balance: $55,000
Add: Cash received (bill matured): $80,000
Less: Bills receivable endorsed to creditors: $60,000
Closing balance: $75,500
Preparation of Total Debtors Account:
• Opening balance of debtors: $180,000
• Cash sales: $95,000
• Credit sales: $1,450,000
• Sales return: $78,000
• Cash received from debtors: $1,025,000
• Discount allowed: $55,000
• Bad debts: $10,000
Calculation:
• Total debtors at the beginning: $180,000
• Add: Cash sales: $95,000
• Add: Credit sales: $1,450,000
• Less: Sales return: $78,000
• Less: Cash received from debtors: $1,025,000
• Less: Discount allowed: $55,000
• Less: Bad debts: $10,000
• Closing balance of debtors: $557,000
Total Debtors Account:
Opening balance: $180,000
Add: Cash sales: $95,000
Add: Credit sales: $1,450,000
Less: Sales return: $78,000
Less: Cash received from debtors: $1,025,000
Less: Discount allowed: $55,000
Less: Bad debts: $10,000
Closing balance: $557,000
• Opening balance of bills receivable: $55,000
• Cash received (bill matured): $80,000
• Closing capital of bills receivable: $75,500
• Bills receivable endorsed to creditors: $60,000
Calculation:
• Total bills receivable at the beginning: $55,000
• Add: Cash received (bill matured): $80,000
• Less: Bills receivable endorsed to creditors: $60,000
• Closing balance of bills receivable: $75,500
Bills Receivable Account:
Opening balance: $55,000
Add: Cash received (bill matured): $80,000
Less: Bills receivable endorsed to creditors: $60,000
Closing balance: $75,500
Preparation of Total Debtors Account:
• Opening balance of debtors: $180,000
• Cash sales: $95,000
• Credit sales: $1,450,000
• Sales return: $78,000
• Cash received from debtors: $1,025,000
• Discount allowed: $55,000
• Bad debts: $10,000
Calculation:
• Total debtors at the beginning: $180,000
• Add: Cash sales: $95,000
• Add: Credit sales: $1,450,000
• Less: Sales return: $78,000
• Less: Cash received from debtors: $1,025,000
• Less: Discount allowed: $55,000
• Less: Bad debts: $10,000
• Closing balance of debtors: $557,000
Total Debtors Account:
Opening balance: $180,000
Add: Cash sales: $95,000
Add: Credit sales: $1,450,000
Less: Sales return: $78,000
Less: Cash received from debtors: $1,025,000
Less: Discount allowed: $55,000
Less: Bad debts: $10,000
Closing balance: $557,000
Attention Commerce Students!
To make sure you are not studying endlessly, EduRev has designed Commerce study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in Commerce.
|
Explore Courses for Commerce exam
|
|
Similar Commerce Doubts
Top Courses for CommerceView all
From the following information,prepare bills receivable account and total debtors account? opening balance of debtors-180000 opening balance of bills receivable-55000 cash sales-95000 credit sales-1450000 sales return-78000 cash received from debtors-1025000 discount allowed-55000 bills receivable endorsed to creditors-60000 cash received(bill matured)-80000 bad debts-10000 closing capital of bills receivable-75500?
Question Description
From the following information,prepare bills receivable account and total debtors account? opening balance of debtors-180000 opening balance of bills receivable-55000 cash sales-95000 credit sales-1450000 sales return-78000 cash received from debtors-1025000 discount allowed-55000 bills receivable endorsed to creditors-60000 cash received(bill matured)-80000 bad debts-10000 closing capital of bills receivable-75500? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about From the following information,prepare bills receivable account and total debtors account? opening balance of debtors-180000 opening balance of bills receivable-55000 cash sales-95000 credit sales-1450000 sales return-78000 cash received from debtors-1025000 discount allowed-55000 bills receivable endorsed to creditors-60000 cash received(bill matured)-80000 bad debts-10000 closing capital of bills receivable-75500? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for From the following information,prepare bills receivable account and total debtors account? opening balance of debtors-180000 opening balance of bills receivable-55000 cash sales-95000 credit sales-1450000 sales return-78000 cash received from debtors-1025000 discount allowed-55000 bills receivable endorsed to creditors-60000 cash received(bill matured)-80000 bad debts-10000 closing capital of bills receivable-75500?.
From the following information,prepare bills receivable account and total debtors account? opening balance of debtors-180000 opening balance of bills receivable-55000 cash sales-95000 credit sales-1450000 sales return-78000 cash received from debtors-1025000 discount allowed-55000 bills receivable endorsed to creditors-60000 cash received(bill matured)-80000 bad debts-10000 closing capital of bills receivable-75500? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about From the following information,prepare bills receivable account and total debtors account? opening balance of debtors-180000 opening balance of bills receivable-55000 cash sales-95000 credit sales-1450000 sales return-78000 cash received from debtors-1025000 discount allowed-55000 bills receivable endorsed to creditors-60000 cash received(bill matured)-80000 bad debts-10000 closing capital of bills receivable-75500? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for From the following information,prepare bills receivable account and total debtors account? opening balance of debtors-180000 opening balance of bills receivable-55000 cash sales-95000 credit sales-1450000 sales return-78000 cash received from debtors-1025000 discount allowed-55000 bills receivable endorsed to creditors-60000 cash received(bill matured)-80000 bad debts-10000 closing capital of bills receivable-75500?.
Solutions for From the following information,prepare bills receivable account and total debtors account? opening balance of debtors-180000 opening balance of bills receivable-55000 cash sales-95000 credit sales-1450000 sales return-78000 cash received from debtors-1025000 discount allowed-55000 bills receivable endorsed to creditors-60000 cash received(bill matured)-80000 bad debts-10000 closing capital of bills receivable-75500? in English & in Hindi are available as part of our courses for Commerce.
Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.
Here you can find the meaning of From the following information,prepare bills receivable account and total debtors account? opening balance of debtors-180000 opening balance of bills receivable-55000 cash sales-95000 credit sales-1450000 sales return-78000 cash received from debtors-1025000 discount allowed-55000 bills receivable endorsed to creditors-60000 cash received(bill matured)-80000 bad debts-10000 closing capital of bills receivable-75500? defined & explained in the simplest way possible. Besides giving the explanation of
From the following information,prepare bills receivable account and total debtors account? opening balance of debtors-180000 opening balance of bills receivable-55000 cash sales-95000 credit sales-1450000 sales return-78000 cash received from debtors-1025000 discount allowed-55000 bills receivable endorsed to creditors-60000 cash received(bill matured)-80000 bad debts-10000 closing capital of bills receivable-75500?, a detailed solution for From the following information,prepare bills receivable account and total debtors account? opening balance of debtors-180000 opening balance of bills receivable-55000 cash sales-95000 credit sales-1450000 sales return-78000 cash received from debtors-1025000 discount allowed-55000 bills receivable endorsed to creditors-60000 cash received(bill matured)-80000 bad debts-10000 closing capital of bills receivable-75500? has been provided alongside types of From the following information,prepare bills receivable account and total debtors account? opening balance of debtors-180000 opening balance of bills receivable-55000 cash sales-95000 credit sales-1450000 sales return-78000 cash received from debtors-1025000 discount allowed-55000 bills receivable endorsed to creditors-60000 cash received(bill matured)-80000 bad debts-10000 closing capital of bills receivable-75500? theory, EduRev gives you an
ample number of questions to practice From the following information,prepare bills receivable account and total debtors account? opening balance of debtors-180000 opening balance of bills receivable-55000 cash sales-95000 credit sales-1450000 sales return-78000 cash received from debtors-1025000 discount allowed-55000 bills receivable endorsed to creditors-60000 cash received(bill matured)-80000 bad debts-10000 closing capital of bills receivable-75500? tests, examples and also practice Commerce tests.
|
|
Explore Courses for Commerce exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup