Question

From the following information, ascertain the opening balance of Sundry Debtors and the closing balance of Sundry Creditors:
`{:(," Rs."),("Sundry Creditors as on 31st March, 2018"," 20,000"),("Sundry Debtors as on 31st March, 2019"," 37,400"),("Stock as on 31st March, 2018"," 26,000"),("Stock as on 31st March, 2019"," 24,000"),("During the year ended 31st March, 2019:",),("Purchases","1,10,000"),("Discount allowed by creditors"," 800"),("Discount allowed to customers"," 1,100"),("Cash paid to sundry creditors"," 95,000"),("Bills Payable issued by them"," 14,000"),("Bills Receivable received from customers"," 16,500"),("Cash received from customers","1,30,000"),("Bills receivable dishonoured"," 1,900"):}`

Answer 1

Correct Answer - Sundry Debtors on 1st April, 2018 - Rs. 43,100; Sundry Creditors on 31st March, 2019 - Rs. 20,800.
1. Cost of Goods Sold = Opening Stock + Purchases - Closing Stock
= Rs. 26,000 + Rs. 1,10,000 - Rs. 24,000 = Rs. 1,12,000.
2. Total Sales = Rs. 1,60,000.