Question No 01 Chapter No 18

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.RSCr. Rs.
Salaries15,500
Electricity charges3,200
Commission 5,400 

The following amount were du but not paid as on 31st March 2019

 RS
Salaries2,500
Electricity charges1,800
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
DateParticulars
L.F.DebitCredit
 Salaries A/cDr. 2,500 
 To Outstanding Salaries A/c   2,500
 (Being salary fur but not paid .)   
     
 Electricity charges A/cDr. 1,800 
 To Outstanding Electricity charges A/c   1,800
 (Being Electricity charges due but not paid .)   
      
 Commission A/cDr. 800 
 To Accrued Commission A/c  800
 (Being commission due but not received .)   
     

 

Profit & Loss Account
Particular
AmountParticular
Amount
By Salaries A/c15,500    
Add: outstanding salaries2,50018,000   
By Electricity charges A/c3,200    
Add: Outstanding Electricity charges1,8005,000   
By Commission A/c5,400    
Add: Accrued Commission8006,200   
    

 

Balance Sheet
Labilities
AmountAssets
Amount
Outstanding salaries 2,500   
Outstanding Electricity Charges 1,800   
Outstanding Electricity Charges 800   
    

 

Final Accounts: Definition and Explanation

 

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. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Origin of Transactions

Chapter No. 4 – Vouchers and transactions

Chapter No. 5 – Journal

Chapter No. 6 – Accounting for Goods and Services Tax(GST)

Chapter No. 7 – Ledger

Chapter No. 8 – Cash Book

Chapter No. 9 – Other Subsidiary Books

Chapter No. 10 – Journal Proper

Chapter No. 11 – Trial Balance

Chapter No. 12 – Bank Reconciliation Statement

Chapter No. 13 – Depreciation

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)

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