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From the following information ascertain...

From the following information ascertain the opening balance of sundry debtors and closing balance of sundry creditors

Accounts from Incomplete Record
The rate of gross profit is 25% on selling price and out of the total sales
Rs 85,000 was for cash sales.
Hint: Total sales = Rs 4,00,000 = `3,00,000 xx 100/75`

Text Solution

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The correct Answer is:
Opening balance of debtors :Rs 54,000; Closing balance of creditors : Rs 1,78,500
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