Question
Give journal entries for the following adjustments and also explain the accounting treatment of these adjustments while preparing the Final Accounts of an Enterprise?
a) Outstanding Expenses Rs. 7000
b) Interest on Capital Rs. 5000
c) Provision for Bad & Doubtful debts Rs. 6000
d) Loss of Goods by theft Rs. 6,000
e) Drawing of Goods by the Proprietor Rs. 11000
Answer :
Word Count : 319
a) Outstanding Expenses Rs. 7000 Journal Entry: Outstanding Expenses A/c Dr. 7,000 To Expenses A/c 7,000 Accounting Treatment: While preparing Final Accounts, the amount of outstanding expenses is added to the respective expense in the Profit and Loss Account. On the Balance Sheet, it is shown as a liability under Current Liabilities. b) Interest on Capital Rs. 5000 Journal Entry: Interest on Capital _______ _______ ____ _____ _________ _______.
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a) Outstanding Expenses Rs. 7000 Journal Entry: Outstanding Expenses A/c Dr. 7,000 To Expenses A/c 7,000 Accounting Treatment: While preparing Final Accounts, the amount of outstanding expenses is added to the respective expense in the Profit and Loss Account. On the Balance Sheet, it is shown as a liability under Current Liabilities. b) Interest on Capital Rs. 5000 Journal Entry: Interest on Capital _______ _______ ____ _____ _________ _______.
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