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11th Standard English Medium Accountancy Subject Final Accounts of Sole Proprietors - II Creative 2 Mark Questions with Solution Part - I updated Creative Questions

Published on: 13/05/2022

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chapter: - Creative Questions

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Questions:

Generic 2

5 x 2 = 10

Pass Adjusting entries for the following adjustments.
a) Provide 6% Interest on Capital of Rs. 16,00,000
b) Rent received in advance Rs. 5,000
c) Interest accrued on investments Rs. 2,000

What is Bad debts?

What is depreciation?

What is Interest on loan?

What is Income received hi advance?

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Answers Key:

Generic 2

5 x 2 = 10

Adjusting Entries
Date	Particulars		Debit Rs	Credit Rs
(a)	Interest on Capital A/c	Dr.	96,000
	To Capital A/c (6% interest on Capital of Rs.16,00,000)			96,000
(b)	Rent received A/c	Dr.	5,000
	To Rent received in advance A/c (Rent received in advance)			5,000
(c)	Accrued interest on investment A/c	Dr.	2,000
	To Interest on investment A/c (Accrued interest on investment)			2,000

(i) Debts which cannot be recovered or become irrecoverable are called Bad debts.
(ii) It is a loss for the business and should be adjusted against profit.

(i) The decrease in value of fixed assets due to usage or passage of time is called depreciation.
(ii) It is a loss to the business.

(i) Interest payable on money borrowed from banks, financial institutions or outsiders in the form of loan is called outstanding interest on loan.
(ii) It should be treated as outstanding expense.

Income received in an accounting year which will be earned only in the next accounting year is known as income received in advance or unearned income or unexpired income.