[CBSE] Q 15 Solutions Special Purpose Books II other Book TS Grewal (2022-23)

Question number 15 solution special purpose book II other books TS Grewal class 11 CBSE 2022 – 23

(Adjustment Entries). From the following information available on 31st March, 2022, pass the necessary Adjustment Entries in the Journal for the year ending on that date:

(i) Interest accrued ₹ 2,500.

(ii) Wages for March, 2022 outstanding ₹ 10,000.

(iii) Insurance Prepaid ₹ 1,500.

(iv) Commission due to manager 5% on net profit after charging such commission. The profit before charging such commission was ₹ 1,06,000.

(v) Interest due on loan but not paid. Loan of ₹ 1,50,0000 was taken at 9% p.a. 9 months before end of the year.

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