Question No 34 Chapter No 18
Mutual indebtedness
34. The following balances have been taken for the books of Banke Bihari as of 31st March 2019
| Ledger Account | (Dr. Rs) | (Cr. Rs) |
| Sundry Debtors | 44,000 | – |
| Sundry Creditor | – | 21,000 |
Adjustments
The above balances include Rs 11,000 due from Akhilesh and Rs 6,000 due to Akhilesh for goods purchased
Give adjusting entries and show their treatment in financial statements
The solution to Question No 34 Chapter No 18:-
| Date | Particulars |
L.F. |
Debit | Credit | |
| Creditor A/c | Dr. | 6,000 | |||
| To Debtors A/c | 6,000 | ||||
| (Being mutual indebtedness settled with the least amount.) | |||||
| Balance Sheet | |||||
| Labilities |
Amount | Assets |
Amount | ||
| Capital A/c | 21,000 | Debtors | 44,000 | ||
| Less: Adjustment | 6,000 | 15,000 | Less: Adjustment | 6,000 | 38,000 |
Final Accounts: Meaning, Definition and Explanation
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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. 2 – Theory Base of Accounting
Chapter No. 3 – Origin of Transactions
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Chapter No. 4 – Vouchers and transactions
Chapter No. 6 – Accounting for Goods and Services Tax(GST)
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)