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Question 13 Chapter No 16 – Class 11 Unimax

Question 13 Chapter No 16 – Class 11 Unimax

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Question 13 Chapter No 16 – Class 11 Unimax

                Extracts of Trial Balance as at 31.3.2020  
ParticularsDebitCredit
Interest on loan40,000 
Loan from Punjab National Bank 10% p.a. 6,00,000

Adjustment: loan was taken on 1.4.2019. give necessary entry and show how it will appear in final accounts.

The solution of Question 13 Chapter No 16 – Class 11 Unimax

Journal
DateParticulars
L.F.DebitCredit
31.3.2020Interest on loan A/cDr. 20,000 
  To outstanding interest A/c   20,000
 (Being interest due to loan)     

 

            Profit & Loss A/c
              for the year ended 31st March,2020
 
Particulars
AmountParticularsAmount
To Interest on loan40,000    
Add: Outstanding interest20,000 60,000  
          Balance Sheet
         As at 31st March, 2020 
 
Liabilities AmountAssetsAmount
Loan from Punjab National Bank @ 10% p.a. 6,00,000  
Outstanding interest 20,000  

 

End of Solution


Check Out the Solution of all questions for this chapter:

The solutions to all questions of Chapter 16 – Financial Statements (With Adjustments) Unimax – Class 11 are shown as follows, click on the image of the question to get the solution.

Question 5 Chapter No 16 – Class 11 Unimax

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Question 17 Chapter No 16 – Class 11 Unimax

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Question 30 Chapter No 16 – Class 11 Unimax 

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Question 42 Chapter No 16 – Class 11 Unimax 

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Question 54 Chapter No 16 – Class 11 Unimax

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1. Comprehensive Solutions for All Chapters of Advanced Accountancy I Class 11 by Unimax

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2. Punjab School Education Board (PSEB) Solutions of Usha Publication.

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