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Question 9 Chapter No 16 – Class 11 Unimax

Question 9 Chapter No 16 – Class 11 Unimax

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Question 9 Chapter No 16 – Class 11 Unimax

From the following, pass the journal entry to adjust the commission received and show how it will be recorded in final accounts assuming that accounts are closed on 31st March, every year.

Extracts of Trial Balance as at 31.3.2020 
ParticularsDebitCredit
Commission received 7200

Adjustment : commission received but not earned ₹ 800.

The solution of Question 9 Chapter No 16 – Class 11 Unimax

Journal
DateParticularsL.F.DebitCredit
31.3.2020Commission A/cDr. 800 
 To unearned commission A/c   800
 (Being adjustment of commission received in advance )     

 

  Profit & Loss A/c for the year ended 31st March,2020
ParticularsAmountParticularsAmount
   By Commission 7,200  
   Less: Unearned800 

 

          Balance Sheet As at 31st March, 2020 
Liabilities AmountAssetsAmount
Unearned commission 800  

 

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 3 Chapter No 16 – Class 11 Unimax

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Question 15 Chapter No 16 – Class 11 Unimax

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Question 28 Chapter No 16 – Class 11 Unimax 

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Question 40 Chapter No 16 – Class 11 Unimax

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Question 52 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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