Make a necessary Adjusting entries as on March 31,2018. 1. Outstanding expenses: Salaries Rs 1,000 ; Rent Rs 500. 2. Prepaid expenses: Insurance at Rs 250 per annum paid on April 1, 2018. 3. Accrued incomes : Commission Rs 300; Interest Rs 400. 4. Income received in Advance : Apprenticeship premium received in Advance Rs 350
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Explanation:
entry no. 1 have o/S exp. so we have to credit them
entry no. 2 is prepaid exp. so it will we dr.
entry no. 3 accured income it also will be dr.
entry no. 4 is A unearned income so it will be cr.
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