1.

From the following information prepare the necessary adjustment accounts as they would appear in the General Ledger of Vatika Ltd.ParticularsRs.Closing debtors balance (as per General Ledger Adjustment A/c)60,000 (Cr.)Credit sales40,000Credit purchases15,000Paid to creditors7,500Discount allowed1,500Bills payable accepted5,000Discount received500Received from debtors20,000Closing creditors balance (as per General Ledger Adjustment A/c)30,000 (Dr.)Bill accepted by customers3,000Discount allowed to debtors Rs.500 was recorded as discount received from creditors. 

Answer»

Debtors’ Ledger Adjustment Account in General Ledger 

ParticularsAmountParticularsAmount
To Balance b/d (balancing figure)49,500By Gn. Ledger
To General Ledger Adjustment A/c: Credit sales40,000AdjustmentA/c:
 
Cash from debtors 20,000
Bills receivable3,000
Bad debts5,000
Discount allowed (1,500 +500)2,000
By Balance c/d (60,000 - 500) 59,500
89,50089,500

Creditors’ Ledger Adjustment Account in General Ledger 

ParticularsAmountParticularsAmount
To General ledger Adjustment By Balance b/d (balancing figure) 28,000
account: Cash paid to creditors7,500By General ledger adjustment Accoun
Cash paid to creditors5,000Credit purchases15,000
To Balance c/d (30,000 + 500)
43,00043,000


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