the balancing figures. The proforma of total bills receivable account and total bills payable account is shown in figure . and figure . .
Total Bills Receivable Account Date Bank (bills honoured) Sundry debtors Sundry debtors (bills received) (bills dishonoured) xxx xxx Fig. . : Showing format of bills receivable account Total Bills Payable Account Date Bank (bills matured) Sundry creditors Sundry creditors (bills dishonoured) (bills accepted) xxx xxx Fig. .
: Showing format of bills payable account For example consider the following data available from the records of M/s S.S. Senapati Opening bills receivable Opening bills payable , Bills receivable dishonoured , Bills payable dishonoured , Closing bills payable , Bills collected during the year , Closing bills receivable , The bills receivable and bills payable will be prepared as follows : Total Bills Receivable Account J.F Sundry debtors , (bills dishonoured) Sundry debtors , Bank , (bills received) (bills collected) , , , Total Bills Payable Account Bill dishonoured , , , Sundry Creditors , (bills accepted) , , , , Test Your Understanding - I Tick the correct answer : . Incomplete record mechanism of book keeping is : (a) Scientific (b) Unscientific (c) Unsystematic (d) both (b) and (c) . Opening capital is ascertained by preparing : (a) Total debtors account (b) Total creditors account (c) Cash account (d) Opening statement of affairs .
Credit purchase, during the year is ascertained by preparing : (a) Total creditors account (b) Total debtors account (c) Cash account (d) Opening statement of affairs . If opening capital is Rs. , , drawings Rs. , , capital introduced during the period Rs.
, , closing capital Rs. , . The value of profit earned during the period will be : (a) Rs. , (b) Rs.