Page 180 - DEBK-XI(2020)

20.8 Double Entry Book Keeping—CBSE XI

Working Notes:
1. Drawings during the year: ` 2. Introduction of Capital: `
Transfer to Personal Bank Account: Lottery prize invested in the business 6,000
` 375 for 6 months 2,250 Sale proceeds of personal car utilised
` 300 for 6 months 1,800 for business 7,000
Withdrawn for daughter’s marriage 7,500 Total Capital Introduced 13,000
Withdrawn for domestic purposes 3,000
Total Drawings 14,550

8. (Calculation of Total Sales). From the following information, calculate total sales:
` `
Bills Receivable in the beginning 15,600 Sales Return 17,400
Debtors in the beginning 61,600 Bills Receivable (Dishonoured) 3,600
Bills Receivable encashed during the year 41,800 Bills Receivable at the end 12,000
Cash received from Debtors 1,40,000 Debtors at the end 51,000
Bad Debts written off 5,600 Cash Sales 81,800

Solution:
Dr. BILLS RECEIVABLE ACCOUNT Cr.
Particulars ` Particulars `
To Balance b/d 15,600 By Cash/Bank A/c 41,800
To Total Debtors A/c—being the bills received 41,800 By Total Debtors A/c 3,600
during the year (Balancing Figure) (Bills Receivable dishonoured)
By Balance c/d 12,000
57,400 57,400

Dr. TOTAL DEBTORS ACCOUNT Cr.
Particulars ` Particulars `
To Balance b/d 61,600 By Cash/Bank A/c 1,40,000
To Bills Receivable A/c (Dishonoured) 3,600 By Bad Debts A/c 5,600
To Sales A/c—Credit Sales 1,90,600 By Sales Return A/c 17,400
(Balancing Figure) By Bills Receivable A/c 41,800
By Balance c/d 51,000
2,55,800 2,55,800

Total Sales = Cash Sales + Credit Sales
= ` 81,800 + ` 1,90,600 = ` 2,72,400.
9. From the following particulars, prepare Total Creditors Account: `
Credit purchases 2,40,000
Cash purchases 50,000
Payment to creditors 2,10,000
Discount allowed by them 5,000
Bills payable accepted 30,000
Creditors in the beginning of the year 90,000