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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
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Question 7 Chapter No 16 – Class 11 Unimax
From the following, pass the journal entry to adjust the interest and show it will be recorded in final accounts assuming that accounts are closed on 31st March every year.
Extracts of Trial Balance as at 31.3.2020
| Particulars | Debit | Credit |
|---|---|---|
| Interest | 9,000 |
Adjustment: interest earned but not received ₹ 1200
Journal
| Date | Particulars | L.F. | Debit | Credit | ||
|---|---|---|---|---|---|---|
| 31.3.2020 | Accrued interest A/c | Dr. | 1200 | |||
| To Interest A/c | 1200 | |||||
| (Being the amount of accrued interest) | ||||||
Profit & Loss A/c for the year ended 31st March,2020
| Particulars | Amount | Particulars | Amount | ||
|---|---|---|---|---|---|
| By Interest | 9000 | ||||
| Add: Accrued | 1,200 | 10,200 | |||
Balance Sheet As at 31st March, 2020
| Liabilities | Amount | Assets | Amount | |
|---|---|---|---|---|
| Accrued interest | 1,200 | |||
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 7 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 7 Chapter No 16 – Class 11 Unimax" instantly.
