Question No 34 Chapter No 18 – USHA Publication 11 Class

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 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 entry and show its treatment in financial statements

The solution of 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 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: 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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