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Question

Make adjustment entries for the following in the books of A on 31st-March,2012 :

(i) Closing Stock Rs 50,000.

(ii) Outstanding wages Rs 2,000 and Outstanding salaries Rs 3,000.

(iii) Interest on Capital ₹ 4,800, and Interest on Drawings Rs 1,200.

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Solution

Adjustment Journal Entries

DateParticularsL.F.AmountAmountDr(Rs)Dr(Rs)(i)Closing Stock A/c Dr.50,000 To Trading A/c50,000(Being closing stock at the end of the year)––––––––––––––––––––––––––––––––––––––––––––(ii)Wages A/c Dr.2,000 To Outstanding Wages A/c2,000(Being outstanding wages at the end of theyear) –––––––––––––––––––––––––––––––––––Salaries A/c Dr.3,000 To Outstanding Salaries A/c3,000(Being outstanding Salaries at the end of the year) –––––––––––––––––––––––––––––––––––(iii)Interest on Capital A/c Dr.4,800 To Capital A/c4,800(Being interest on capital provided)Capital A/c Dr.1,200To Interest on Drawings A/c1,200(Being interest on drawings charged)––––––––––––––––––––––––––––––––––––––


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