Pass necessary Journal entries for the following adjustments on 31December, 2016-
A bill of ? 650 for repairs has been received but it has not been paid.
A loan of 75,000 was advanced to Chandrakant @ 6% per annum on 14
December, 2016. No entry for interest has been made.
Interest on capital @ 5% is to be allowed on capital of 25.000.
(iv) Interest on drawings of 3,000 is to be charged @ 2.5%.
Annual Insurance Premium of 3 480 has been paid on 1st September, 2016.
(vi) Annual rent of 1,200 has been received from a party for the year ending 315
March 2016
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