Question No 04 Chapter No 18

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.RSCr. Rs.
Commission Received 15,600
Insurance on investment12,400

 

Adjustment:

  1. Interest amounting to Rs 1,600 has become due not received
  2. 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
AmountParticular
Amount
   By Commission A/c15,600 
   Add: Accrued Commission4,40020,000
      
   By Interest A/c12,400 
   Add: Accrued Interest1,60016,000
    

 

Balance Sheet
Labilities
AmountAssets
Amount
   Accrued Commission 4,400
   Accrued Interest 1,600
    

 

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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