Question No 11 Chapter No 20 – D.K Goal 11 Class

Question No 11 Chapter No 20

11. Give Journal entries for the following adjustments in full in final account:-

1. Salaries Rs 5,000 are outstanding
2. Insurance amounting to Rs 2,000 is paid in advance
3. Rs 4,000 for rent have been received in advance
4. Commission earned but not received Rs 1,000
5. Interest on capital Rs 1,500
6. Interest on Drawings Rs 300
7. Write off Rs 2,000 as further bad-debts
8. Closing stock Rs 3,000

The solution of Question No 11 Chapter No 20: –

In the Books of Deepti Walia
Date	Particulars		L.F.	Debit	Credit
i	Salaries A/c	Dr.		5,000
	To Outstanding Salaries A/c				5,000
	(Being salaries outstanding)
ii	Prepaid Insurance A/c	Dr.		2,000
	To Insurance A/c				2,000
	(Being insurance paid in advance)
iii	Rent A/c	Dr.		4,000
	To Rent received in advance A/c				4,000
	(Being rent received in advance)
iv	Accrued Commission A/c	Dr.		1,000
	To Commission A/c				1,000
	(Being Commission accrued but not received.)
v	Interest on capital A/c	Dr.		1,500
	To Capital A/c				1,500
	(Being Interest charged on capital)
vi	Drawing A/c	Dr.		300
	To Interest on Drawing A/c				300
	(Being Interest charged on Drawing)
vii	Bad Debts A/c	Dr.		2,000
	To Debtors A/c				2,000
	(Being Write off further bad debts)
viii	Closing Stock A/c	Dr.		3,000
	To Trading A/c				3,000
	(Being Transfer of Closing Stock to Trading A/c)

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Also, Check out the solved question of all Chapters: –

D K Goel – New ISC Accountancy -(Class 11 – ICSE)- Solution

• Chapter 1 Evolution of Accounting & Basic Accounting Terms
• Chapter 2 Accounting Equations
• Chapter 3 Meaning and Objectives of Accounting
• Chapter 4 Double Entry System
• Chapter 5 Books of Original Entry – Journal 
• Chapter 6 Accounting for Goods and Service Tax (GST) (Coming soon)
• Chapter 7 Books of Original Entry – Cash Book (Coming soon)
• Chapter 8 Books of Original Entry – Special Purpose Subsidiary Books (Coming soon)
• Chapter 9 Ledger (Coming soon)
• Chapter 10 Trial Balance and Errors (Coming soon)
• Chapter 11 Bank Reconciliation Statement (Coming soon)
• Chapter 12 Depreciation (Coming soon)
• Chapter 13 Bills of Exchange (Coming soon)
• Chapter 14 Generally Accepted Accounting Principles(GAAP) 
• Chapter 15 Bases of Accounting
• Chapter 16 Accounting Standards and International Financial Reporting Standard(IFRS) (Coming soon)
• Chapter 17 Capital and Revenue 
• Chapter 18 Provisions and Reserves 
• Chapter 19 Final Accounts (Coming soon)
• Chapter 20 Final Accounts – With Adjustments (Coming soon)
• Chapter 21 Errors and their Rectification (Coming soon)
• Chapter 22 Accounts from Incomplete Records – Single Entry System (Coming soon)
• Chapter 23 Accounts of Not-for-Profit Organisations (Coming soon)
• Chapter 24 Computerised Accounting System (Coming soon)
• Chapter 25 Introduction to Accounting Information System (Coming soon)

Check out the Accountancy Class +1 by D.K. Goal (Arya Publication) from their official Site.