Question

djustment Entries
. Pass Journal entries for the following adjustment on 31st March, 2021:
(i) Interest due but not received * 10,000.
(ii) Salaries due to staff * 50,000.
(iii) Out of the rent paid this year, 75,000 is for the next year.
(iv) Provide 10% depreciation on Furniture costing 1,00,000.
(0) Goods used in making Furniture (Sales Price 5,000; Cost 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

Answer:

1) interest ac dr10000

to interest outstanding ac 10000

2) salaries ac dr50000

to salaries outstanding ac 50000

3) prepaid rent ac dr 75000

to rent ac 75000

4) depreciation ac dr 10000

to furniture ac 10000

5) furniture ac dr4000

to cash ac 4000

6) bank ac dr 10000

prepaid commission ac dr10000

to commision ac 20000

7) interest on capital ac dr8000

to capital ac 8000

8) drawing ac dr 1500

to interest on drawing ac 1500

Answer 2

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