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Question No 16 Chapter No 11 – T.S. Grewal 11 Class

Question No.16 - Chapter No.11 - T.S. Grewal +1 Book 2019-Solution-min-min (1)

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Question No 16 Chapter No 11

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16. (Adjustment Entries). From the following information available on 31st March 2018, pass the necessary Adjustment Entries in the Journal for the yare ending on that date:

(i) Interest accrued Rs 2,500.
(ii) Wages for March 2018 outstanding Rs 10,000.
(iii) Insurance prepaid Rs 1,500.
(iv) Commission due to manager 6% on net profit after charging such commission. The profit before charging such commission was Rs 1,06,000
(v) Interest due on loan but not paid. Loan of Rs 1,50,000 was taken at 9% p.a. 9 months before the end of the year

The solution of Question No 16 Chapter 11

Date  Particulars
L.F.DebitCredit
(i)Accrued Interest A/cDr 2,500 
 To Interest Received A/c  2,500
 (Being interest accrued but not received )   
(ii)Wages A/cDr 10,000 
 To Outstanding Wages A/c   10,000
 (Being Wages not been paid )    
(iii)Prepaid Insurance A/cDr 1,500 
 To Insurance A/c   1,500
 (Being Insurance paid in advance )   
(iv)Manager Commission A/cDr 6,000 
 To Outstanding Manager Commission A/c  6,000
 (Being Manger’s Commission not been Paid )    
(v)Interest on loan A/c 10,125 
 To Outstanding Interest on loan A/c  10,125
 (Being Interest on loan not been Paid )   

 

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To understand more about cash book please check out following links: –

Journal Proper | Subsidiary Books | Examples

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Also, Check out the solved question of previous Chapters: –

Check out T.S. Grewal +1 Book 2019 @ Official Website of Sultan Chand Publication

T.S. Grewal's Double Entry Book Keeping

T.S. Grewal’s Double Entry Book Keeping

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