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Question 14 Chapter No 16 – Class 11 Unimax

Question 14 Chapter No 16 – Class 11 Unimax

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Question 14 Chapter No 16 – Class 11 Unimax

               Extracts of Trial Balance as at 31.3.2020 
ParticularsDebitCredit
Investment 12% p.a.20,00,000 
Interest on investment 20,00,000

Adjustment : investments were made on 1.4.2019.
Give the necessary journal entry and show how it will appear in final accounts.

The solution of Question 14 Chapter No 16 – Class 11 Unimax

Journal
DateParticulars
L.F.DebitCredit
31.3.2020Accrued interest A/cDr. 40,000 
 To Interest on Investment A/c   40,000
 (Being interest due to investment)     

 

  Profit & Loss A/c
             for the year ended 31st March,2020
  
ParticularsAmountParticulars
Amount
   To Interest on investment2,00,000 
   Add: Accrued interest40,0002,40,000
          Balance Sheet
         As at 31st March, 2020 
 
Liabilities AmountAssetsAmount
   Investment @ 12% p.a.20,00,000
   Interest accrued on investments40,000

 

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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