14. From the following information available on 31st March, 2024, pass the necessary Adjustment Entries in the Journal for the year ending on that date:
(i) Interest accrued ₹2,500.
(ii) Wages for March, 2024 outstanding ₹10,000.
(iii) Insurance prepaid ₹1,500.
(iv) Commission due to manager 6% on net profit after charging such commission. The profit before charging such commission was ₹1,06,000.
(v) Interest due on loan but not paid. Loan of ₹1,50,000 was taken at 9% p.a. 9 months before end of the year.
T.S.Grewal/2024 Edition/Practical Problems/Q-14
For full question, please refer to the text book T.S.Grewal’s Double Entry Book Keeping-Financial Accounting, Textbook for CBSE Class XI published by Sultan Chand & Sons Pvt. Ltd.