Question No 01 Chapter No 14
1. SS Limited earned a net profit of RS 12,00,000 during the years 2018-19. the company created general reserve Rs 2,00,000 and dividend equalization reserve Rs 3,50,000 out of profit
Pass the necessary journal entry for the creation of reserves.
The solution of Question No 01 Chapter No 14: –
| In the Books of SS Limited | |||||
| Date | Particulars |
L.F. | Debit | Credit | |
| 2019 | |||||
| Mar. 31 | Profit/Loss A/c | Dr. | 5,50,000 | ||
| To General Reserves A/c | 2,00,000 | ||||
| To Dividend Equalisation Reserve A/c | 3,50,000 | ||||
| (Being the reserves created out of profit.) | |||||
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Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution
Chapter No. 2 – Theory Base of Accounting
Chapter No. 3 – Origin of Transactions
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Chapter No. 4 – Vouchers and transactions
Chapter No. 6 – Accounting for Goods and Services Tax(GST)
Chapter No. 9 – Other Subsidiary Books
Chapter No. 10 – Journal Proper
Chapter No. 11 – Trial Balance
Chapter No. 12 – Bank Reconciliation Statement
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Chapter No. 14 – Provisions and Reserves
Chapter No. 15 – Bills of Exchange
Chapter No. 16 – Rectification of Errors
Chapter No. 17 – Financial Statements – (Without Adjustments)
Chapter No. 18 – Financial Statements – (With Adjustments)