Freeze Limited gives you the following information Particulars ₹ Particulars ₹ Debtors as on 1st April (Opening Balance) 1,57,500 Discount allowed…
CA Foundation · Accounting · RTP · September 2025
Freeze Limited gives you the following information Particulars ₹ Particulars ₹ Debtors as on 1st April (Opening Balance) 1,57,500 Discount allowed by Suppliers 15,750 Creditors as on 1st April (Opening Balance) 1,82,250 Discount allowed to Customers 20,250 Bills Receivable received during the year 1,05,750 Endorsed Bills Receivable dishonoured 6,750 Bills Payable issued during the year 1,19,250 Sales Return 24,750 Cash received from Customers 3,51,000 Bills Receivable Discounted 18,000 Cash paid to Suppliers 3,87,000 Discounted Bills Receivable 4,500 Bad Debts Recovered 36,000 Cash Sales 3,79,125 Bills Receivables endorsed to Creditors 60,750 Cash Purchases 4,45,050 Bills Receivables dishonoured by Customers 11,250 Debtors on 31st March (Closing Balance) 1,84,500 Creditors as on 31st March (Closing Balance) 2,13,750 You are required to calculate total sales and total purchases.
Suggested Answer and Working Notes:
Total Debtors A/c Particulars ₹ Particulars ₹ To balance b/d (given) 1,57,500 By Cash / Bank A/c (Cash Received) 3,51,000 To Bills Receivable A/c (Dishonoured) 11,250 By Discount Allowed A/c 20,250 To Creditors A/c (Dishonour of endorsed B/R) 6,750 By Bills Receivable A/c (B/R Received) 1,05,750 To Bank A/c (Discounted B/R dishonoured) 4,500 By Sales Returns A/c 24,750 To Sales A/c (bal. fig. = Credit Sales) 5,06,250 By balance c/d (given) 1,84,500 Total 6,86,250 Total 6,86,250 Total Creditors A/c Particulars ₹ Particulars ₹ To Cash / Bank A/c (Payment) 3,87,000 By balance b/d 1,82,250 To Discount Received A/c 15,750 By Debtors A/c (Dishonour of endorsed B/R) 6,750 To Bills Payable A/c (Issued) 1,19,250 By Purchases A/c (bal. flg. = Credit Purc.) 6,07,500 To Bills Receivable (Endorsement) 60,750 To balance c/d (given) 2,13,750 Total 7,96,500 Total 7,96,500 1. Total Sales = Credit Sales - 5,06,250 + Cash Sales - 3,79,125 = 8,85,375 2. Total Purchases = Credit Purchases - 6,07,500 + Cash Purchases - 4,45,050= 10,52,550
Topics: Accounts from Incomplete Records
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