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.
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
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) |
|
2,500500 |
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/cTo Prepaid Insurance Premium A/c(Being Insurance premium paid) |
|
13,000 |
10,0003,000 |
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