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

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 Content covered in this article:

The solution of Question No 34 Chapter No 18:-

 

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

 

Balance Sheet
Labilities
AmountAssets
Amount
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

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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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