Question

Find out the amount of bills matured during the year on the basis of information given below;

	Rs
Bills payable dishonoured	37,000
Closing balance of Bills payable	85,000
Opening balance of Bills payable	70,000
Bills payable accepted	90,000
Cheque dishonoured	23,000

Answer 1

Bills Payable Account
Dr.				Cr.
Particulars	Amount Rs		Particulars	Amount Rs
Creditors (Bill dishonoured)	37,000		Balance b/d	70,000
Cash/Bank (Balancing figure)	38,000		Creditors - acceptance	90,000
Balance c/d	85,000		(Balancing figure)
	1,60,000			1,60,000

Bill Payable matured during the year is Rs 38,000.