Question

Give the journal entries for the following adjustment.

a) Commission received in advance Rs.1000/-

b) Rent receivable Rs. 2000/-

c) Salary outstanding Rs.1000/-

d) Insurance prepaid Rs. 800/-

e) Closing stock Rs. 32000/-

f) Depreciation on Building Rs. 6600/​

Answer 1

Answer:

A) p&l a/c debit side minus - from commission Rs. 1000/-

B) P& l a/c debit side + in rent Rs. 2000/-

C) p& l a/c debit side + in salary Rs. 1000/-

D) p&l a/c debit side - from insurance Rs. 800 /-

E) Trading a/c credit side and balance sheet Asset side closing stock Rs. 32000 /-

F) p&l debit side depreciation on building Rs. 6600/- and Balance sheet's Asset side - from cost / original value of building