Question No 34 Chapter No 18

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 Debtors44,000
Sundry Creditor21,000

The above balances include Rs 11,000 due from Akhilesh and Rs 6,000 due to Akhilesh for goods purchased
Give adjusting entry and show its treatment in financial statements

The Content covered in this article:

The solution of Question No 34 Chapter No 18:-


Debit Credit
 Creditor A/cDr. 6,000 
 To Debtors A/c   6,000
 (Being mutual indebtedness settled with least amount.)    


Balance Sheet
Capital A/c21,000 Debtors44,000 
Less: Adjustment6,00015,000Less: Adjustment6,00038,000



Final Accounts: Definition and Explanation


Profit and Loss Account: Meaning, Format & Examples


Balance Sheet: Meaning, Format & Examples

Thanks, Please Like and share with your friends  

Comment if you have any question.

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)

Leave a Reply

About us

About us, we are here to improve your knowledge in all financial & Business related topics and to get better carrier opportunities. The author has about 10-year Experience in tuition Business. It is very difficult to teach a large number of students with a personal touch or in a classroom. 

Animation's Resource websites

All Icons and images used on my website were downloaded from the following website please go and download free:-