SELECT * FROM question_mgmt as q WHERE id=4909 AND status=1 SELECT id,question_no,question,chapter FROM question_mgmt as q WHERE courseId=2 AND subId=11 AND chapterId=205 and ex_no='1' AND status=1 ORDER BY CAST(question_no AS UNSIGNED)

Question:

Give the journal entries for the following adjustments :
(a) Outstanding salary ₹ 3,500.
(b) Rent unpaid for one month at ₹ 6,000 per annum.
(c) Insurance prepaid for a quarter at ₹ 16,000 per annum.
(d) Purchase of furniture costing ₹ 7,000 entered in the purchases book.

Answer:

(a) 

 Salaries A/c.           Dr. 3,500  
        To Outstanding Salaries A/c   3,500

(Salaries of ₹ 3,500 is remaining outstanding)

(b) 

 Rent A/c.           Dr. 500  
        To Outstanding Rent A/c   500

(Rent unpaid for one month at ₹ 500 = 6,000/12)

(c) 

 Prepaid Insurance A/c.           Dr. 4,000  
        To Insurance A/c   4,000

(Insurance paid in advance for 3 month i.e. ₹ 400)

(d) 

 Furniture A/c.           Dr. 7,000  
        To Purchases A/c   7,000

(Furniture was wrongly debited purchased a rectified now ratified)


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