Question No 04 Chapter No 18
04. The following balance have been extracted from the books of Miss Nazia for the year ending 31st March 2017.
|Insurance on investment||–||12,400|
- 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
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The solution of Question No 04 Chapter No 18:-
|Profit/Loss Account |
|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|
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