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Trial Balance and Journal
Accountancy
Sir / Madam, I request you please clarify the following (1)Provision for Bad and Doubtful debts - Asset Or Liability; Nominal or Real Account; Debit or Credit balance (2)Provision for Depreciation - Asset Or Liability; Nominal or Real account; Debit or Credit Balance (3)Opening Stock - Asset Or Expense; Nominal or Real account From the following information write the necessary journal entries (1) Amount receivable from Kumar Rs.4,00,000, written off as bad debts, nothing was realised from his estate (2) Amount receivable from Surya Rs.10,00,000, written off as bad debts, 6,00,000 was realised from his estate (3) Amount receivable from Charita Rs.20,00,000, written off as bad debts, 8,00,000 was not able to recover from his estate (4) Amount receivable from Amrutha Rs.10,00,000, Previously written off as bad debts, now realised (5) Amount receivable from Amith, Previously written off as bad debt,Rs.20,00,000, now realised Rs.14,00,000 From the following information write the necessary journal entries for the current year and next year Examples:- Current year - 2020 and Next Year - 2021 (1) Outstanding Salaries Rs.10,000 (2) Prepaid Insurance Rs.5,000 (3) Accrued interest Rs.7,000 (4) Commission received in advance Rs.8,000
Answers (6)
journal entries for current year and next year in case of o/s expenses, accrued income,income received in advance ,expenses paid in advance u need to understand that these are not closed at the end of the year they are shown in balance sheet so take for example o/s salaries at the end of the year: Salaries a/c Dr 1000 to o/s salaries a/c 1000 and opening entry we open all assets and liabilities agin assets a/c dr to liabilities a/c (o/s salaries also is opened)
Harshitha Kalidindi
journal entries for current year and next year in case of o/s expenses, accrued income,income received in advance ,expenses paid in advance u need to understand that these are not closed at the end of the year they are shown in balance sheet so take for example o/s salaries at the end of the year: Salaries a/c Dr 1000 to o/s salaries a/c 1000 and opening entry we open all assets and liabilities agin assets a/c dr to liabilities a/c (o/s salaries also is opened)
Sir / Madam please explain (1) the Journal entry of Outstanding salaries of Rs.10,000 in the year 2020 and the outstanding salaries paid in the year 2021, in the year 2021 what is the journal entry? (2) the journal entry of prepaid insurance of Rs.500 in the year 2020 and the prepaid insurance is the real expense of the year 2021 what is the journal entry? (3) Accrued interest Rs.750 in the year 2020, accrued interest actually received in the year 2021 what is the journal entry? (4) Rent received in advance Rs.1,250 in the year 2020, this rental income is related to 2021 what is the journal entry?
Thread Starter
Vijay Kumar VelagapudiSir / Madam please explain (1) the Journal entry of Outstanding salaries of Rs.10,000 in the year 2020 and the outstanding salaries paid in the year 2021, in the year 2021 what is the journal entry? (2) the journal entry of prepaid insurance of Rs.500 in the year 2020 and the prepaid insurance is the real expense of the year 2021 what is the journal entry? (3) Accrued interest Rs.750 in the year 2020, accrued interest actually received in the year 2021 what is the journal entry? (4) Rent received in advance Rs.1,250 in the year 2020, this rental income is related to 2021 what is the journal entry?
1. O/s salary Dr. To Bank 2. Insurance exp Dr. To Prepaid Insurance 3. Bank Dr. To Accrued INterest 4. Advance Rent Dr. To Rent Income
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