Adjustment
Entries
Question 11:
Pass Journal entries for the following adjustment on 31st March, 2025:
(i) Interest due but not received `10,000.
(ii) Salaries due to staff `50,000.
(iii) Out of the rent paid this year, `5,000 is for the next year.
(iv) Provide 10% depreciation on Furniture costing `1,00,000.
(v) Goods used in making Furniture (Sales Price `5,000; Cost `4,000).
(vi) Received commission of `20,000 by cheque, half of which is in advance.
(vii) Allow interest on capital `8,000.
(viii) Charge interest on drawings `1,500.
Answer:
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Journal |
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Date |
Particulars |
L.F. |
Debit ` |
Credit ` |
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|
(i) |
Accrued
Interest A/c |
Dr. |
|
10,000 |
|
|
To Interest Received A/c (Being
Interest due but not received) |
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10,000 |
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(ii) |
Salaries
A/c |
Dr. |
|
50,000 |
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To Outstanding Salaries A/c |
|
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|
50,000 |
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|
(BeingSalaries due to
staff `50,000.) |
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(iii) |
Prepaid
Rent A/c |
Dr. |
|
5,000 |
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To Bank
A/c |
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5,000 |
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|
(BeingOut of the rent
paid this year, `5,000
is for the next year.) |
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(iv) |
Depreciation
A/c |
Dr. |
|
10,000 |
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To
Provision for depreciation A/c |
|
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|
10,000 |
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|
(BeingProvide 10%
depreciation on Furniture costing `1,00,000.) |
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(v) |
Furniture A/c |
Dr. |
|
4,000 |
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To
Purchases A/c |
|
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4,000 |
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|
(BeingGoods
used in making Furniture (Sales Price `5,000;
Cost `4,000).) |
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(vi) |
Bank
A/c |
Dr. |
|
20,000 |
|
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To
Commission Received A/c To
Commission Received in advance A/c |
|
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|
10,000 10,000 |
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(BeingReceived
commission of `20,000
by cheque, half of which is in advance.) |
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(vii) |
Interest
on Capital A/c |
Dr. |
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8,000 |
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To Capital A/c |
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8,000 |
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(Being
Allow interest on capital) |
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(viii) |
Capital A/c |
Dr. |
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1,500 |
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To Interest on Drawings A/c |
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1,500 |
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(Being
Charge interest on drawings) |
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Opening journal Entry
Question 12:
Following balances existed in the books of M/s. Anand Stores as on 1st April, 2025:
Assets Cash `60,000; Bank `40,000; Stock `1,50,000; Furniture `43,000; Debtors1,45,000 (X `35,000; Y `50,000; Z `60,000).
Liabilities Loan from Vikas 60,000; Creditors 52,500 (A `22,500; B ` 30,000).
Pass necessary Journal entry to record the above balances.
Answer:
|
Journal |
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Date |
Particulars |
L.F. |
Debit ` |
Credit ` |
|
|
(i) |
Cash
A/c |
Dr. |
|
60,000 |
|
|
Bank
A/c |
Dr. |
|
40,000 |
|
|
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|
Stock
A/c |
Dr. |
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1,50,000 |
|
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Furniture
A/c |
Dr. |
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43,000 |
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(ii) |
Debtors
A/c |
Dr. |
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1,45,000 |
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To Loan from Vikas
A/c |
|
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60,000 |
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To Creditors A/c |
|
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52,500 |
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To Capital A/c |
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3,25,000 |
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(Being
Balances of various Assets, liabilities and Capital brought forward) |
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Ts Grewal Solution 2025-2026
Class 11th