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#1
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Please help: Confusions about Adjustments in past papers
I am confused about the following "adjustments" and their double entries. If someone can clarify with their entries, I would be Glad:
1. The directors proposed dividend at 10% paid-up capital (share capital given in trial balance is 100,000) 2. Provide for the manager's renumeration at 10% of net profit before tax. 3. Provide for income tax Rs.19,827 4. Closing Stock was valued at retail price Rs. 105600, 20% higher than cost price. 5. One month's rent at Rs. 45 per month was due on closing date i.e 30th june. (the rent given in trial balance is Rs. 495) 6. A provision of Rs. 4,000 for taxes in respect of profits is considered necessary. 7. Interest accrued on investments is Rs. 1,375 (investments in trial balance are 1,44,475) 8. Managing director's commission is Rs. 3,250 and Rs. 750 for company's contribution to their staff provident fund (provident fund in TB is 18,750) 9. Apprentice fee to be adjusted for four years (amount in TB is 4,000) 10. Unused machinery purchased of 1,800 was wrongly included in closing stock. 11. Insurance premium 2,400 was wrongly included in machinery repairs. p.s how to treat these items if given in Trial balance; 1. Interim dividend 2. Staff provident fund 3. profit & loss (Credited in trial balance) 4. Interest on investments 5. unclaimed dividend 6. dividend paid 7. share capital-1000 shares of r.s 10 each fully paid (10.000) 8. Loan to managing director |
#2
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may i help you ?
jitna ap ne pucha us main se kuch cheezen paper ki requirement se ziada hain. Baqi bhi btaon ?
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Shabdon mein kya tareef karoon aap ki MUSSAA Aap shabdon mein kahan bandh payenge. Kabhi mere aankhon mein jhaank kar dekho, Hazaron alfaz khud-b-khud bikhar jayenge. |
#3
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Bro I am also confused about these entries and would appreciate if you can could elaborate and explain all of these. Out of syllabus does not matters because I believe one should clear his/her concepts and paper will be taken care of automatically
Thanks! |
#4
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Quote:
Cheers!
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tu usay apni tmanaon ka markz na bana..!! chand to harjai ha har ghar main utar jata hai..... |
The Following User Says Thank You to Armghaan For This Useful Post: | ||
xaara~hussain (Monday, January 24, 2011) |
#5
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Quote:
p.s I would be glad if u help me in others accounting topics as well! |
#6
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Pleasure isi bahane meri bhi tayari hojaye gi!
__________________
tu usay apni tmanaon ka markz na bana..!! chand to harjai ha har ghar main utar jata hai..... |
#7
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I can solve these adjustment easily. I have noted it down and post answers soon. for Further quaries ehsan278_320@yahoo.com
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#8
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for 1
proposed dividend (Dr.) 10,000 Profit & loss appropriation (Cr.) 10,000 |
The Following User Says Thank You to me320 For This Useful Post: | ||
xaara~hussain (Saturday, January 29, 2011) |
#9
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:(
can somebody actually solve these entries on board instead of asking me to contact them through email?
What I need is to know the adjustments entries of these. due to these entries, my whole accounting-I is stuck and I can't go further and this is my first prep, m not revising! If these r easy, then why don't u guys solve them on forum? I shall be grateful, if somebody can really help! Regards |
#10
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sister Xaaara..first episode of adjusting entries baqi bad may
Quote:
1 Dividend dr 10,000 Dividend payable cr 10000 2 Manger remuneration expense dr To remuneration payble cr 3 Income tax expense Dr 19827 Income tax payable 19827 4 mjy samj ni ai 5 Rent expense Dr Rs 45 Rent payable Cr Rs 45 6 Tax expense Dr 4000 Provision for tax Cr 4000 baqi kuch time taq batata hoo regards
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Main ne Allah ko Apny irado ke tootany se pehchana":Hazrat Ali (RA)" |
The Following User Says Thank You to Shahid Shakoor For This Useful Post: | ||
xaara~hussain (Saturday, January 29, 2011) |
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