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Question 5 Chapter No 16 – Class 11 Unimax

Question 5 Chapter No 16 – Class 11 Unimax

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Question 5 Chapter No 16 – Class 11 Unimax

Insurance premium of ₹ 4,860 has been paid on August 1, 2020 for one year. Pass the journal entry to adjust the insurance amount and also show how it will be recorded in final accounts assuming that accounts are closed on 31st March, every year.

The solution of Question 5 Chapter No 16 – Class 11 Unimax

Journal
DateParticulars
L.F.DebitCredit
31.3.2020Prepaid insurance A/c Dr. 1,620 
     To Insurance A/c   1,620
 (Being the amount of insurance paid in advance)     

         Profit & Loss A/c

Particulars
AmountParticularsAmount
To insurance4,860    
Less: prepaid1,620 3,240  

Balance Sheet

Liabilities AmountAssetsAmount
   Prepaid insurance1,620

 

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 4 Chapter No 16 – Class 11 Unimax

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Question 16 Chapter No 16 – Class 11 Unimax

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Question 29 Chapter No 16 – Class 11 Unimax 

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Question 41 Chapter No 16 – Class 11 Unimax 

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Question 53 Chapter No 16 – Class 11 Unimax

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

UnimaxSolutions.in offers a comprehensive solution for students studying Advanced Accountancy I Part 1 in Class 11. With their meticulously curated study material, students can access comprehensive solutions to all the questions included within each chapter. By selecting the chapter name from the study material, students can easily navigate through the topics and find detailed explanations and step-by-step solutions to the problems presented in that section. Whether it’s understanding complex accounting concepts, mastering calculation techniques, or analyzing financial statements, Unimax provides a valuable resource to aid students in their learning journey. With these comprehensive solutions at their disposal, students can enhance their understanding, clarify doubts, and improve their problem-solving skills in Advanced Accountancy, ensuring they are well-prepared for their Class 11 examinations.

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

If you’re a student enrolled in the Punjab School Education Board Class 11, it’s essential to explore a wide range of books to cover the syllabus thoroughly. While the prescribed textbooks are undoubtedly valuable, supplementing your studies with additional resources can enhance your understanding and knowledge. Consider checking out other books that align with the curriculum, offering different perspectives and insights on the subjects you’re studying. These supplementary materials can provide you with alternative explanations, practice questions, and examples that may aid in clarifying complex concepts. Moreover, exploring diverse sources can expose you to a variety of writing styles and viewpoints, fostering a broader understanding of the subjects. So, seize the opportunity to expand your learning by delving into other books that can complement your studies and contribute to your academic growth.

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