Question

From the following, calculate the amount of bills accepted during the year.

	Rs
Bills payable as on April 01, 2016	1,80,000
Bills payable as on March 31, 2017	2,20,000
Bills payable dishonoured during the year	28,000
Bills payable honoured during the year	50,000

Answer 1

Bills Payable Account
Dr.				Cr.
Particulars	Amount Rs		Particulars	Amount Rs
Creditors (dishonoured)	28,000		Balance b/d	1,80,000
Cash/Bank	50,000		Creditors (acceptance)	1,18,000
Balance c/d	2,20,000		(Balancing figure)
	2,98,000			2,98,000