Question No 04 Chapter No 18
Outstanding expenses
04. The following balance have been extracted from the books of Miss Nazia for the year ending 31st March 2017.
| Dr.RS | Cr. Rs. | |
| Commission Received | – | 15,600 |
| Insurance on investment | – | 12,400 |
Adjustment:
- Interest amounting to Rs 1,600 has become due not received
- Commission @5% on sale on sale of Rs 88,000 has not yet been received.
Show the accounting treatment in the financial statement of 2016-17
The solution of Question No 04 Chapter No 18:-
| Profit/Loss Account |
|||||
| Particular |
Amount | Particular |
Amount | ||
| By Commission A/c | 15,600 | ||||
| Add: Accrued Commission | 4,400 | 20,000 | |||
| By Interest A/c | 12,400 | ||||
| Add: Accrued Interest | 1,600 | 16,000 | |||
| – | – | ||||
| Balance Sheet | |||||
| Labilities |
Amount | Assets |
Amount | ||
| Accrued Commission | 4,400 | ||||
| Accrued Interest | 1,600 | ||||
| – | – | ||||
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)