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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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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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