Single Entry Example 2
Single Entry Example 2
Single Entry Example 2
MODULE II OF IV
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2
Introduction
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IPCC MAY 2012
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Ice Sum
(8 marks)
M/s Ice Ltd gives you the following
information to find out Total sales and
Total Purchases
(contd..) 5
....Ice sum
Discount allowed to customers 9,000
Endorsed Bills Receivables dishonored 3,000
Sales Return 11,000
Bills Receivables discounted 8,000
Discounted Bills Receivables dishonored 2,000
Cash Sales 1,68,500
Cash Purchases 1,97,800
Debtors on 31.03.2012 82,000
Creditors on 31.03.2012 95,000
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Approach to the Sum
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Requirements of the Sum
The requirement is calculation of Total Sales and
Total Purchases .
Step 2:
Line by line pass Journal Entry and update both
the A/c’s.
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JOURNAL ENTRIES
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Opening Sundry Debtors & Creditors
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Bills Receivables received during
the year Rs.47,000.
Bills Receivables A/c Dr. 47,000
To Sundry Debtors A/c 47,000
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Bills Payables issued during the year
Rs.53,000.
Sundry Creditors a/c Dr. 53,000
To Bills Payables a/c 53,000
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Cash received from customers Rs. 1,56,000.
Cash A/c Dr. 1,56,000
To Sundry Debtors A/c 1,56,000
By Cash 1,56,000
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Cash paid to suppliers Rs.1,72,000
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Bad Debts recovered Rs.16,000
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Bills Receivables endorsed to
creditors Rs.27,000
Creditors A/c Dr. 27,000
To Bills Receivables A/c 27,000
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Bills Receivables dishonoured by
customers Rs. 5,000
Debtors A/c Dr. 5,000
To Bills Receivables A/c 5,000
Sundry Debtors A/c
To Opening Balance 70,000 By Bills Receivables 47,000
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Discount allowed by suppliers Rs.7,000
Sundry Creditor’s A/c Dr. 7,000
To Discount allowed A/c 7,000
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Discount allowed to customers Rs.9,000
Discount a/c Dr. 9,000
To Sundry Debtor’s A/c 9,000
By Discount 9,000
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Endorsed Bills Receivables dishonoured
Rs.3,000
Debtors A/c Dr. 3,000
To Creditors A/c 3,000
Sundry Debtors A/c
To Opening Balance 70,000 By Bills Receivables 47,000
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Bills Receivables discounted Rs.8,000
Bank A/c Dr. 8,000
To Bills Receivables A/c 8,000
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Discounted Bills Receivable dishonoured
Rs.2,000
Debtors A/c Dr. 2,000
To Bank A/c 2,000
3,05,000 3,05,000
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Bills Receivables A/c
To Sundry Debtors 47,000 By Creditors 27,000
By Debtors 5,000
By Bank 8,000
By Balance c/d 7,000
47,000 47,000
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Sundry Creditors A/c
To Bills Payables 53,000 By Balance b/d 81,000
To Cash 1,72,000 By Debtors 3,000
To Bills 27,000 By Annual
Receivables Credit Purchase 2,70,000
To Discount 7,000 (bal.fig)
To Balance c/d 95,000
3,54,000 3,54,000
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Bills Payables A/c
To Balance c/d 53,000 By Creditors 53,000
53,000 53,000
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Final Answer
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THANK YOU
31 Do keep moving forward ………