12. Give Journal Entries for the following adjustments in final accounts:
- Extract of Trial Balance as on 31st March, 2023:
| Particulars | Debit (Rs.) |
Credit (Rs.) |
|---|---|---|
| Sundry Debtors Bad Debts Provision for doubtful debts |
6,60,000 15,000 |
40,000 |
Additional Information:
(a) Additional Bad Debts Rs. 20,000.
(b) Maintain the provision for doubtful debts @ 5% on debtors.
- Goods costing Rs. 20,000 were distributed among staff members as free of cost. These goods were purchased paying IGST @ 12%.
- Two month’s rent @ Rs. 15,000 per month is outstanding. Rent is subject to levy of 12% IGST.
- Included in general expenses is annual Insurance Premium of Rs. 10,000 paid for the year ending 30th June, 2023. IGST is levied @ 12%.
- Accrued commission Rs. 5,000. IGST is levied @ 12%.
D.K.Goel/2024 Edition/Practical Questions/Q-12
For full question, please refer to the text book Accountancy Class-XI by Mr. D.K.Goel published by Avichal Publishing Company
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