From the following information ascertain the opening balance of sundry debtors and closing balance of sundry creditors.
Question:
From the following information ascertain the opening balance of sundry debtors and closing balance of sundry creditors.
The rate of gross profit is 25% on selling price and out of the total sales Rs. 85,000 was for cash sales.
Transcribed Image Text:
Opening stock Closing stock Opening creditors Closing debtors Discount allowed by creditors Discount allowed to customers Cash paid to creditors Bills payable accepted during the period Bills receivable received during the period Cash received from customers Bills receivable dishonoured Purchases Rs. 30,000 25.000 50,000 75,000 1,500 2,500 1,35,000 30,000 75,000 2,20,000 3,500 2,95,000
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