Question

Prepare the bills payable account from the following and find out missing figure if any :

	Rs
Bills accepted	1,05,000
Discount received	17,000
Purchases returns	9,000
Return inwards	12,000
Cash paid to accounts payable	50,000
Bills receivable endorsed to creditor	45,000
Bills dishonoured	17,000
Bad debts	14,000
Balance of accounts payable (closing)	85,000
Credit purchases	2,15,000

Answer 1

Bills Payable Account
Dr.				Cr.
Particulars	Amount Rs		Particulars	Amount Rs
Creditors (Bills dishonoured)	17,000		Creditors (acceptance)	1,05,000
Cash/Bank (Balancing figure)	88,000
	1,05,000			1,05,000

 

Account Payable Account
Dr.				Cr.
Particulars	Amount Rs		Particulars	Amount Rs
Discount Received	17,000		Purchases – Credit	2,15,000
Purchases Return	9,000		B/P (dishonoured)	17,000
Cash	50,000
B/R (endorsed)	45,000		Balance b/d	79,000
B/P (acceptance)	1,05,000		(Balancing figure)
Balance c/d	85,000
	3,11,000			3,11,000

Bills payable discharged is Rs 88,000 and the opening balance of creditors is Rs 79,000.