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Question No 06 Chapter No 10 - USHA Publication 11 Class

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Question No 06 Chapter No 10

Adjustment Entries

6. From the following, information pass the necessary adjustment entries in the journal proper:(a) Prepaid insurance Rs 1,200(b) Commission received in advance Rs 1,500
(c) Provide interest on capital Rs 700
(d) Interest accrued on investment Rs 400
(e) Deprecate furniture Rs 800
(f) Provide interest on loan @ 8% on Rs 15,000

The solution of Question No 06 Chapter No 10: -

In the Books of

Date	Particulars		Debit	Credit
2019
(a)	Prepaid Insurance A/c	Dr.	1,200
	To Insurance A/c			1,200
	(Being Insurance of next year paid in the current year)

(b)	Commission A/c	Dr.	1,500
	To Commission received in Adv A/c			1,500
	(Being commission of next year received in the current year)

(c)	Interest on capital A/c	Dr.	700
	To Capital A/c			700
	(Being interest on capital made due in the book)

(d)	Interest Accrued A/c	Dr.	400
	To Interest A/c			400
	(Being interest on investment accrued)

(e)	Depreciation A/c	Dr.	800
	To Furniture A/c			800
	(Being depreciation on furniture charged in the books)

(f)	Interest on Loan A/c	Dr.	1,200
	To Interest due A/c			1,200
	(Being interest on loan provide @ 8% on Rs 15,000)