accounts
This query is : Resolved
28 December 2010
i need journal entries for
paid insurance premium rs.5000 for a shop
distribution of free samples rs.10000
loan to mudit
repairs to buildings
paid insurance premium rs.5000 for a shop
distribution of free samples rs.10000
loan to mudit
repairs to buildings
29 December 2010
1. paid insurance premium5000 for a shop:
Insurance Premium A/c ... Dr.
To Bank
P & L A/c ... Dr.
To Insurance Premium
2. distribution of free samples10000:
Advertisement A/c ... Dr.
To Trading A/c
P & L A/c ... Dr.
To Advertisement
3. loan to mudit:
Loan to Mudit A/c ... Dr.
To Bank
4. repairs to buildings:
a) If repairs are minor:
Repairs to Building A/c ... Dr.
To Bank
P & L A/c ... Dr.
To Repairs to Building
b) If repairs are major:
Building A/c ... Dr.
To Bank
Insurance Premium A/c ... Dr.
To Bank
P & L A/c ... Dr.
To Insurance Premium
2. distribution of free samples10000:
Advertisement A/c ... Dr.
To Trading A/c
P & L A/c ... Dr.
To Advertisement
3. loan to mudit:
Loan to Mudit A/c ... Dr.
To Bank
4. repairs to buildings:
a) If repairs are minor:
Repairs to Building A/c ... Dr.
To Bank
P & L A/c ... Dr.
To Repairs to Building
b) If repairs are major:
Building A/c ... Dr.
To Bank
29 December 2010
if period of insurance crossing financial year then there is need to pass entry for Prepaid Insurance and i.e.
Prepaid Insurance A/c. Dr.
To Insurance Premium Account
( 5000/365 x days of Next Financial Year)
Prepaid Insurance A/c. Dr.
To Insurance Premium Account
( 5000/365 x days of Next Financial Year)
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