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Adjustment for Accrued Income

While passing...

Question

While passing an adjustment entry for accrued interest on investments, interest receivable account is credited.

A

True

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B

False

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Q. Azad and Benny are equal partners. Their capitals are ₹ 40,000 and ₹ 80,000 respectively. After the accounts for the year had been prepared, it was noticed that interest @ 5% p.a. as provided in the Partnership Deed was not credited to their Capital Accounts before distribution of profits. It is decided to pass an adjustment entry in the beginning of the next year. Record the necessary Journal entry.

What is the correct adjustment entry for accrued interest on investments of Rs 1,000?

Which account is credited while passing the adjustment entry for outstanding expenses?

Q. While making an adjustment entry in respect of interest on capital, credit is made to _______________.

Q. Pass journal entries for the following:
a) Interest paid on bank loan Rs 525
b) Interest on drawings Rs 235
c) Interest accrued on investment Rs 231

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