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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question 9 Chapter No 16 – Class 11 Unimax
From the following, pass the journal entry to adjust the commission received and show how 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 |
|---|---|---|
| Commission received | 7200 | |
Adjustment : commission received but not earned ₹ 800.
Journal
| Date | Particulars | L.F. | Debit | Credit | ||
|---|---|---|---|---|---|---|
| 31.3.2020 | Commission A/c | Dr. | 800 | |||
| To unearned commission A/c | 800 | |||||
| (Being adjustment of commission received in advance ) | ||||||
Profit & Loss A/c for the year ended 31st March,2020
| Particulars | Amount | Particulars | Amount | ||
|---|---|---|---|---|---|
| By Commission | 7,200 | ||||
| Less: Unearned | 800 | ||||
Balance Sheet As at 31st March, 2020
| Liabilities | Amount | Assets | Amount | |
|---|---|---|---|---|
| Unearned commission | 800 | |||
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 9 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.
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