Skip to content
Question 17 of 32
Q.

(a) Prepare the trial balance from the following balances of Rajesh as on 31st March 2017.

Particulars₹Particulars₹
Bills receivable13,000Drawings7,000
Bank charges750Sundry debtors17,100
Conveyance charges350Bills payable12,000
Discount received1,300Capital25,900
Cash in hand1,000

OR

(b) Pass adjusting entries for the following :

  1. The closing stock was valued at ₹ 5,000
  2. Outstanding salaries ₹ 150
  3. Insurance prepaid ₹ 450
  4. ₹ 20,000 was received in advance for commission
  5. Accrued interest on investments is ₹ 1,000
Puducherry TnboardTamil Nadu HSC First Year (DGE) Commerce Board 2023Subjective· 5mImportance★★★★★
53% · 17/32 Questions
🔒 Locked · start free trial →

You're viewing a preview — the full solution, concept, methods & PYQ mapping are locked.

Start your 14-day free trial to unlock the full solution →

(a) Trial balance of Rajesh totals ₹39,200 each side. (b) Five adjusting entries for closing stock, outstanding salaries, prepaid insurance, advance commission and accrued interest.

(a) Trial Balance of Rajesh as on 31 March 2017

ParticularsDebit ₹Credit ₹
Bills receivable13,000
Bank charges750
Conveyance charges350
Cash in hand1,000
Drawings7,000
Sundry debtors17,100
Discount received1,300
Bills payable12,000
Capital25,900
Total39,20039,200

Assets (Bills receivable, Cash, Sundry debtors), expenses (Bank charges, Conveyance) and Drawings are debit balances; Discount received (income), Bills payable (liability) and Capital are credit balances.

(b) Adjusting entries

No.ParticularsL.F.Debit ₹Credit ₹
(i)Closing Stock A/c Dr5,000
To Trading A/c5,000
(Being closing stock brought into account)
(ii)Salaries A/c Dr150
To Outstanding Salaries A/c150
(Being salaries outstanding)
(iii)Prepaid Insurance A/c Dr450
To Insurance A/c450
(Being insurance paid in advance)
Start your 14-day free trial to unlock the full solution →

Unlock everything free for 14 days

  • Full step-by-step solutions
  • Concept-first explanations
  • Methods, shortcuts & mistakes
  • PYQ mapping + timed mock tests
Start 14-day free trial →See Plans & Pricing →

Full access for 14 days. No credit card required.

←Previous questionQ8 — (Question No. 40 is Compulsory) List the accounts which have only cred…→Next questionQ10 — The Trial Balance contains the balances of : (a) Only Nominal accounts…