Q2:- Pass necessary journal entries for following transactions:-
1. Salary due but not paid ₹1500
2. Insurance premium paid includes ₹400 as paid for next year.
3. Paid life insurance policy premium of proprietor ₹2000 and income tax ₹1500.
4. Charge depreciation 10% on plant costing ₹40000
5. Bought goods from Amar for ₹25000 less 20% trade discount.
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salary A/C.... dr. 1500
to outstanding salaries 1500
insurance premium A/C... dr. 400
to prepaid insurance premium 400
drawings.... dr. (2000+1500) 3500
to cash (2000+1500) 3500
depreciation A/C... dr. 4000
to plant A/C... 4000
purchase A/C..... dr. 20,000
to amar 20,000
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