Question No 05 Chapter No 18

Question No 05 Chapter No 18

Outstanding expenses

05. The following balances have been extracted from the books of Mohit Kumar as on 13st march 2018

 Dr.RSCr. Rs.
Rent  Received 25,000
Interest Received 19,000

 

Adjustment:

  1. Rent received during the year includes Rs 5,000 rent for the year 2018-19
  2. 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
AmountParticular
Amount
   By Rent Received A/c25,000 
   Less: Accrued Commission5,00020,000
      
   By Interest Received A/c19,000 
   Less: Accrued Interest4,00016,000
    

 

Balance Sheet
Labilities
AmountAssets
Amount
Advance Rent 5,000   
Advance Interest 4,000   
    

 

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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