Journal entries

A/c entries 1880 views 4 replies

Please provide me journal entries for these : 

1. Closing Stock of Rs. 34250. Out of this Rs.12000 worth of closing stock is damaged (50% realisable).

2. Audit fee payable last year was Rs. 2500. Audit fee paid this year Rs. 3000. Audit fee payable this year is Rs. 3550.

3. Prepaid Insurance last year was Rs.3000. Insurance paid this year Rs. 10000.

Replies (4)

1.a - Closing Stock A/c(BS) - Dr To Trading/PL A/c Cr  - 34250.

b. Loss on Damaged Goods A/c Dr to Closing Stock A/c - 12000.00.

c. cash a/c dr to loss on damaged goods a/c - 6000.00.

2.a. Audit Fees A/c Dr to Audit Fees Payable  - 2500.00

b.Audit Fees Payable to To Bank/Cash. - 3000.00

c. Audit Fees to Audit Fees payable - 3550.00

3a. Prepaid Ins A/c to Bank /Cash - 3000.00

b.Insurance A/c Dr to Party A/c - 10000.00

c.party A/c Dr to Prepaid Ins - 3000.00.

Party A/c dr to Bank A/c - 7000.00

Please provide me journal entries for these : 

1. Closing Stock of Rs. 34250. Out of this Rs.12000 worth of closing stock is damaged (50% realisable).

2. Audit fee payable last year was Rs. 2500. Audit fee paid this year Rs. 3000. Audit fee payable this year is Rs. 3550.

3. Prepaid Insurance last year was Rs.3000. Insurance paid this year Rs. 10000.

 

 

 

Answer = 1.cl stock    dr to trading a/c 34250

                  Loss on stock dr to cl stock 12000

                  Bank dr to loss on stock  6000

 

 

               2. audit fees payable dr to cash/bank 2500

                   Current audit fees dr to cash/bank 3000

                   Current audit fees payable dr to bank 3550

 

 

                3. last yr prepaid insurance dr to to bank 3000

                    Current yr insurance dr to to bank 10000

 

 

last entry for q1 is missing. It should be PL A/C DR TO LOSS ON GOODS A/C 6000

 

Please provide me journal entries for these : 

1. Closing Stock of Rs. 34250. Out of this Rs.12000 worth of closing stock is damaged (50% realisable).

2. Audit fee payable last year was Rs. 2500. Audit fee paid this year Rs. 3000. Audit fee payable this year is Rs. 3550.

3. Prepaid Insurance last year was Rs.3000. Insurance paid this year Rs. 10000.

 

Answer:

Date

Particulars

LF

Amount Dr.

Amount Cr.

1.

Closing Stock A/c                                    Dr.

         To Trading A/c

(Being record the releasable value of closing stock as per AS-2.)

 

 

28,250

 

28,250

 

Profit and Loss A/c                                   Dr.

         To Purchases A/c

(Being the record the value of damaged goods.)

 

 

6,000

 

6,000

2.

Audit Fee payable A/c                             Dr.

Audit Fee A/c                                          Dr.

         To Bank A/c

(Being the audit fees paid)

 

 

2,500

500

 

 

3,000

 

 

Audit Fee A/c                                          Dr.

         To Accrued Audit Fee A/c

(Being audit fees payable carried forward to next year.)

 

 

3,050

 

3,050

3.

Insurance Premium A/c                           Dr.

         To Bank A/c

         To Prepaid Insurance Premium A/c

(Being Insurance premium paid)

 

13,000

 

10,000

3,000

 


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