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P2 C5 Financial Statements of Business Organisations — Account STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceAccountP2 C5 Financial Statements of Business Organisations3 Marks
Question
Pass adjustment entry for the following and also show its effect in final accounts: Closing stock of $Rs. 1,00,000$ out of which $Rs. 2000$ stationery stock. Out of total goods, goods of $Rs.50,000$ required repairing expense of $Rs.2,000.$
✓

Answer

Net amount of closing stock $= 1,00,000 - 2,000$ Stationery stock $- 2,000$ repairing expense $= Rs. 96,000$
• Adjustment Entry:
Dt. Particulars L.F. Debit (Rs.) Credit (Rs.)
  Closing Stock A/c. Dr.   $96,000$  
  To Trading A/c     $96,000$
  (Being adjustment entry to bring closing stock in the books of accounts)      
           
• Effect in Final Accounts:
Dr. Trading Account of Shri ............ for the year ending on......... Cr.
Particulars Amt.(Rs.) Particulars Amt.(Rs.)
    Closing stock A/c. $96,000$
       
           
Balance Sheet of Shr................as on.........
Capital-Liabilities Amt.(Rs.) Assets-Receivables Amt.(Rs.)
    Current Assets:  
    Closing stock $96,000$
       

 

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