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Question No 05 Chapter No 18
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Outstanding expenses
05. The following balances have been extracted from the books of Mohit Kumar as on 13st march 2018
| Dr.RS | Cr. Rs. | |
| Rent Received | – | 25,000 |
| Interest Received | – | 19,000 |
Adjustment:
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- Rent received during the year includes Rs 5,000 rent for the year 2018-19
- Interest has been received in advance Rs 4,000 for the next year
Show the accounting treatment in financial statement of 2017-18
The solution of Question No 05 Chapter No 18:-
| Profit/Loss Account | |||||
| Particular | Amount | Particular | Amount | ||
| By Rent Received A/c | 25,000 | ||||
| Less: Accrued Commission | 5,000 | 20,000 | |||
| By Interest Received A/c | 19,000 | ||||
| Less: Accrued Interest | 4,000 | 16,000 | |||
| – | – | ||||
| Balance Sheet | |||||
| Labilities | Amount | Assets | Amount | ||
| Advance Rent | 5,000 | ||||
| Advance Interest | 4,000 | ||||
| – | – | ||||
Final Accounts: 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. 2 – Theory Base of Accounting
Chapter No. 3 – Origin of Transactions
Chapter No. 4 – Vouchers and transactions
Chapter No. 6 – Accounting for Goods and Services Tax(GST)
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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)