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Pass necessary adjustment entries for th...

Pass necessary adjustment entries for the following in the books of Shri R. Banerjee at the end of accounting year on 31st March , 2019:
(i) Salary of Rs. 1,000 for March, 2019 is outstanding,
(ii) Interest accrued on investment Rs. 200,
(iii) Rent received in advance Rs. 400,
(iv) Insurance prepaid Rs. 300,
(v) Closing stock Rs. 10,000, and
(vi) Depreciate furniture by Rs. 800.

Text Solution

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Note: Closing stock represents a part of the goods purchased but not yet sold. Therefore, it should be adjusted against purchases. Alternatively, it can be transferred to the credit side of the Trading Account.
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