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Question 13 Chapter No 16 – Class 11 Unimax
| Extracts of Trial Balance as at 31.3.2020 | ||
| Particulars | Debit | Credit |
|---|---|---|
| Interest on loan | 40,000 | |
| Loan from Punjab National Bank 10% p.a. | 6,00,000 | |
Adjustment: loan was taken on 1.4.2019. give necessary entry and show how it will appear in final accounts.
Journal
| Date | Particulars |
L.F. | Debit | Credit | ||
|---|---|---|---|---|---|---|
| 31.3.2020 | Interest on loan A/c | Dr. | 20,000 | |||
| To outstanding interest A/c | 20,000 | |||||
| (Being interest due to loan) | ||||||
| Profit & Loss A/c for the year ended 31st March,2020 |
|||||
| Particulars |
Amount | Particulars | Amount | ||
|---|---|---|---|---|---|
| To Interest on loan | 40,000 | ||||
| Add: Outstanding interest | 20,000 | 60,000 | |||
| Balance Sheet As at 31st March, 2020 |
||||
| Liabilities | Amount | Assets | Amount | |
|---|---|---|---|---|
| Loan from Punjab National Bank @ 10% p.a. | 6,00,000 | |||
| Outstanding interest | 20,000 | |||
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
This guide covers "Question 13 Chapter No 16 – Class 11 Unimax", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Chapter 16 - Financial Statements (With Adjustments) - Unimax.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
You can take our custom-built interactive practice quiz directly on this page to test your understanding of "Question 13 Chapter No 16 – Class 11 Unimax" instantly.
