Tag: need for adjustments
Questions Related to need for adjustments
If goods are sold to customers on approval basis and consent is not received during the accounting periods which of the following adjustment entries are passed?
| Debtors A/c Dr.To Sales A/c | & | Trading A/c Dr.To Stock A/c |
|---|---|---|
| Sales A/c Dr.To Debtors A/c | & | Stock A/c Dr.To Trading A/c |
| Sales A/c Dr.To Stock A/c | & | Debtors A/c Dr.To Stock A/c |
| Debtors A/c Dr.To Trading A/c | & | Trading A/c Dr.To Stock A/c |
Following information is available from the books of Mr.Z.
| Rs. | |
|---|---|
| Expenses paid during the year | $1,35,000$ |
| Expenses outstanding on $1-4-2013$ | $12,250$ |
| Expenses prepaid on $1-4-2013$ | $15,000$ |
| Expenses outstanding on $31-3-2014$ | $17,000$ |
| Expenses prepaid on $31-3-2014$ | $16,750$ |
Net expenses debited to profit & loss account for the year ended $31.3.2014$ should be.
On $31$st March, goods sold at a sale price of Rs. $30,000$ were lying with customer, Mohan to whom these goods were sold on 'sale or return basis' and recorded as actual sales. Since no consent was received from Mohan, the adjustment entry was made presuming goods were sent on approval at a profit of cost plus $20\%$. In the balance sheet, the stock with customers account will be shown at.
While preparing final account, to record goods are distributed as free samples- which of the following adjustment entry will be passed?
| Advertisement A/cTo Capital A/c | Dr. |
|---|---|
| Advertisement A/cTo Purchase A/c | Dr. |
| Advertisement A/cTo Trading A/c | Dr. |
| (B) or (C) |
Salary paid during the year - Rs. $35,000$
Salary outstanding on $1-4-2014$ - Rs. $2,500$,
Salary outstanding on $31-3-2015$ - Rs. $7,500$
Net salary debited on Profit & Loss A/c for the year ended $31-3-2015$ should be.
While preparing final account, to record outstanding expenses which of the following adjustment entry will be passes?
| Expenses A/cTo Outstanding Expenses A/c | Dr. |
|---|---|
| Outstanding Expenses A/cTo Expenses A/c | Dr. |
| Profit & Loss A/cTo Outstanding Expenses A/c | Dr. |
| Outstanding Expenses A/cTo Profit & Loss A/c | Dr. |
A business entity distributed goods worth Rs. 15,000 as free sample. The adjustment to be made is ____________________.
Outstanding Rent is an example of _________.
Sales include Rs. $60,000$ sent to Z & Co. on sale or return basis for which no approval has been received as on $31-3-2015$. The cost of the goods was Rs. $50,000$. Which of the following treatment will be correct while preparing final accounts?
After the preparation of income statement, it was discovered that accrued expenses of 1,000 have been ignored and closing inventory has been overvalued by 1,300. This will have result in: