Question

10. Pass Journal entries for the following adjustment on 31st March, 2021:
Adjustment Entries
(1) Interest due but not received * 10,000.
(ii) Salaries due to staff 50,000.
(iii) Out of the rent paid this year, 7 5,000 is for the next year.
(iv) Provide 10% depreciation on Furniture costing ? 1,00,000.
(v) Goods used in making Furniture (Sales Price 5,000; Cost 7 4,000).
(vi) Received commission of 20,000 by cheque, half of which is in advance
(vii) Allow interest on capital 8,000.
(viii) Charge interest on drawings # 1,500.

Answer 1

4 -10% depreciation on furniture so

100000×10÷100 =10000