1.

Give journal entries for the following adjustments in final accounts assuming CGST and SGST 9% each:(i) Closing Stock ₹ 80,000.(ii) Outstanding salaries ₹ 21,000.(iii) Insurance premium amounting to ₹ 15,000 is paid in advance.(iv) ₹ 9,000 received for rent related to the next accounting period.(v) Commission accrued but not received during the accounting year ₹ 1,500.(vi) Write off ₹ 500 as further bad debts.(vii) Goods costing ₹ 8,000 destroyed by fire and insurance company admitted a claim for ₹ 5,000 only.(viii) Goods costing ₹ 10,000 (Market value ₹ 11,000) were taken by proprietor for personal use.

Answer» Give journal entries for the following adjustments in final accounts assuming CGST and SGST 9% each:

(i) Closing Stock ₹ 80,000.

(ii) Outstanding salaries ₹ 21,000.

(iii) Insurance premium amounting to ₹ 15,000 is paid in advance.

(iv) ₹ 9,000 received for rent related to the next accounting period.

(v) Commission accrued but not received during the accounting year ₹ 1,500.

(vi) Write off ₹ 500 as further bad debts.

(vii) Goods costing ₹ 8,000 destroyed by fire and insurance company admitted a claim for ₹ 5,000 only.

(viii) Goods costing ₹ 10,000 (Market value ₹ 11,000) were taken by proprietor for personal use.


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