Question

Q11)

​Q11. Give journal Entries for the following adjustments in the final accounts :

(i) Insurance amounting to Rs. 2,000 is paid in advance.

(ii) Commission earned but not received Rs. 1,000.

(iii) Closing Stock Rs. 3,000

(iv) Rs. 4,000 for rent have been received in advance.

Answer 1

Dear Student

Journal in the books
Date	Particulars		Debit	Credit
1	Prepaid Insurance A/c	Dr.	2,000
	To Insurance A/c			2,000
	(Being insurance paid in advance recorded)
2	Commission Receivable A/c	Dr.	1,000
	To Commission Income A/c			1,000
	(Being commission income to be received)
3	Closing Stock A/c	Dr.	3,000
	To Trading A/c			3,000
	(Being closing stock recorded)
4	Rental Income A/c	Dr.	4,000
	To Prepaid Rent Received A/c			4,000
	(Being Rent income received in advance)

Regards