Question No 01 Chapter No 18
Outstanding expenses
01. The following balance were extracted from the trial balance of Miss Small as of 31st March 2019
| Dr.RS | Cr. Rs. | |
| Salaries | 15,500 | – |
| Electricity charges | 3,200 | – |
| Commission | 5,400 |
The following amount were du but not paid as on 31st March 2019
| RS | |
| Salaries | 2,500 |
| Electricity charges | 1,800 |
| Commission | 800 |
How will you adjust them while preparing the financial statements? Also, give adjusting entries
The solution of Question No 01 Chapter No 18:-
| Adjustment entries | |||||
| Date | Particulars |
L.F. | Debit | Credit | |
| Salaries A/c | Dr. | 2,500 | |||
| To Outstanding Salaries A/c | 2,500 | ||||
| (Being salary fur but not paid .) | |||||
| Electricity charges A/c | Dr. | 1,800 | |||
| To Outstanding Electricity charges A/c | 1,800 | ||||
| (Being Electricity charges due but not paid .) | |||||
| Commission A/c | Dr. | 800 | |||
| To Accrued Commission A/c | 800 | ||||
| (Being commission due but not received .) | |||||
| Profit & Loss Account |
|||||
| Particular |
Amount | Particular |
Amount | ||
| By Salaries A/c | 15,500 | ||||
| Add: outstanding salaries | 2,500 | 18,000 | |||
| By Electricity charges A/c | 3,200 | ||||
| Add: Outstanding Electricity charges | 1,800 | 5,000 | |||
| By Commission A/c | 5,400 | ||||
| Add: Accrued Commission | 800 | 6,200 | |||
| – | – | ||||
| Balance Sheet | |||||
| Labilities |
Amount | Assets |
Amount | ||
| Outstanding salaries | 2,500 | ||||
| Outstanding Electricity Charges | 1,800 | ||||
| Outstanding Electricity Charges | 800 | ||||
| – | – | ||||
Final Accounts: Meaning, Definition and Explanation
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Profit and Loss Account: Meaning, Format & Examples
Balance Sheet: Meaning, Format & Examples
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Also, Check out the solved question of all Chapters: –
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)