Question

How are the following items dealt in Accounting Equation ? (i) Interest due but not received ₹500. (ii) Rent received in a dvance ₹1,000 (iii) Isurance premium paid in advance ₹1,500.
(iv) Salaries due to not paid ₹2,000

Answer 1

Answer:

1.Accrued interest a/c ...........Dr. 500

To interest account. 500

2.Rent a/c......................Dr. 1000

To Rent received a/c. 1000

3. prepaid insurance a/c ...........Dr. 1,500

To insurance a/c. 1,500

4.Salaries a/c.................... Dr. 2,000

To outstanding salaries a/c. 2,000

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