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Question No 02 Chapter No 18 – USHA Publication 11 Class

Question No 02 Chapter No 18
Q-02 - CH-18 - USHA +1 Book 2020 - Solution

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Question No 02 Chapter No 18

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Outstanding expenses

02.The following balances have been taken from the books of Rajiv Sharma as of 31st march 2018

 Dr.RsCr. Rs.
Commission 18,000
Insurance12,000

The following amount were du but not paid as on 31st March 2018

  1. Commission has been prepaid Rs 7,000
  2. Insurance is paid for the year ending 30th June 2018
    Record the adjusting entries and also show their treatment in the final account

 

The solution of Question No 02 Chapter No 18:-

Adjustment entries
DateParticulars
L.F.DebitCredit
 Prepaid Commission A/cDr. 7,000 
 To Commission A/c   7,000
 (Being commission has been prepaid .)   
     
 Prepaid Insurance A/cDr. 3,000 
 To Insurance A/c   3,000
 (Being insurance has been prepaid .)   
     

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Profit & Loss Account
Particular
AmountParticular
Amount
By Commission A/c18,000    
Less : Prepaid Commission7,00011,000   
By Insurance A/c12,000    
Less: prepaid insurance3,0009,000   
    

 

Balance Sheet
Labilities
AmountAssets
Amount
   Prepaid commission 7,000
   Prepaid insurance 3,000
      
    

 

Final Accounts: Meaning, Definition and Explanation

 

Profit and Loss Account: Meaning, Format & Examples

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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

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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)

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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

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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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