Homework Answers
Answer to Part (i)
Given the nature of transactions with Mr. Binga and Debit Balance both at the beginning and end of the period , he is a Debtor.
Answer to Part (ii)
|
Date |
Details |
F |
Debit |
Credit |
|
Dec.2014 |
||||
|
1 |
Balance |
b/f |
3,550 |
|
|
15 |
Sales |
45,060 |
||
|
20 |
Returns inward |
(a) |
||
|
25 |
Discount allowed |
6,500 |
||
|
30 |
Cash |
31,540 |
||
|
31 |
Balance |
c/d |
5,000 |
|
|
? |
(b) |
|||
|
1/1/15 |
Balance |
b/d |
5,000 |
Total of Debit Side is 3550 + 45060 = 48,610
Total of Credit Side is 6,500+31,540 +5,000 + (a) = 43,040 + (a)
Equating both sides, 48,610 = 43, 040 + (a)
Hence, (a) = 5,570
Answer to Part (iii)
As per the calculations in the above table (b)= Total of Credit Side(which is equal to Debit side)
Hence, (b) = 48,610
Answer to Part (iv)
Binga’s Account shall be found in the Trade Receivables(or Debtors or Receivables ) Ledger.
Add Answer to:
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