Question

Calculate the amount of bills receivable during the year.

	Rs
Opening balance of bills receivable	75,000
Bill dishonoured	25,000
Bills collected (honoured)	1,30,000
Bills receivable endorsed to creditors	15,000
Closing balance of bills receivable	65,000

Answer 1

Bills Receivable Account
Dr.				Cr.
Particulars	Amount Rs		Particulars	Amount Rs
Balance b/d	75,000		Debtors (B/R dishonoured)	25,000
			Cash/Bank (honoured)	1,30,000
			Creditors (endorsed)	15,000
Debtors (B/R received)	1,60,000		Balance c/d	65,000
(Balancing figure)
	2,35,000			2,35,000

Bills receivable received from Debtors Rs 1,60,000.