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VS Industries (Journal Entries)

1.    Closing Stock A/c                           Dr.         3,45,21,000
       Purchase A/c                                                         3,45,21,000
2.    Salary Expense A/c                          Dr.              2,000
       Salary Payable A/c                                                        2,000
3.    Rent Expense A/c                            Dr.              5,000
       Rent Payable A/c                                                          5,000
4.    Prepaid Insurance A/c                       Dr.          84,44,949
       Insurance Expense A/c                                                 84,44,949
5.    Interest Receivable A/c                     Dr.           2,91,356
       Interest Revenue A/c                                                   2,91,356
6.    Cash A/c                                   Dr.           89,87,611
       Customer A/c                                                          89,87,611
7.    Depreciation Expense A/c                   Dr.          3,31,73,000
       Accumulated Depr A/c                                                 3,31,73,000
8.    Insolvent A/c                              Dr.              90,000
       Receivable A/c                                                           90,000
9.    Bad Debt Expense A/c                       Dr.              70,000
       Bad Debt Receivable A/c                                                  70,000
10.   Addl Bad Debt Expense A/c                  Dr.              50,000
       Addl Bad Debt Receivable A/c                                             50,000
11.   Bad Debt @2% on Sundry Debt Expense A/c Dr.              95,03,900
       Bad Debt @2% on Sundry Debt Receivable A/c                            95,03,900
12.   Discount @1% on Sundry Debt Expense A/c Dr.              46,56,911
       Discount @1% on Sundry Debt Receivable A/c                            46,56,911
13.   Accrued Interest Expense A/c               Dr.            1,36,258
       Interest Payable A/c                                                   1,36,258




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VS Industries

  • 1. VS Industries (Journal Entries) 1. Closing Stock A/c Dr. 3,45,21,000 Purchase A/c 3,45,21,000 2. Salary Expense A/c Dr. 2,000 Salary Payable A/c 2,000 3. Rent Expense A/c Dr. 5,000 Rent Payable A/c 5,000 4. Prepaid Insurance A/c Dr. 84,44,949 Insurance Expense A/c 84,44,949 5. Interest Receivable A/c Dr. 2,91,356 Interest Revenue A/c 2,91,356 6. Cash A/c Dr. 89,87,611 Customer A/c 89,87,611 7. Depreciation Expense A/c Dr. 3,31,73,000 Accumulated Depr A/c 3,31,73,000 8. Insolvent A/c Dr. 90,000 Receivable A/c 90,000 9. Bad Debt Expense A/c Dr. 70,000 Bad Debt Receivable A/c 70,000 10. Addl Bad Debt Expense A/c Dr. 50,000 Addl Bad Debt Receivable A/c 50,000 11. Bad Debt @2% on Sundry Debt Expense A/c Dr. 95,03,900 Bad Debt @2% on Sundry Debt Receivable A/c 95,03,900 12. Discount @1% on Sundry Debt Expense A/c Dr. 46,56,911 Discount @1% on Sundry Debt Receivable A/c 46,56,911 13. Accrued Interest Expense A/c Dr. 1,36,258 Interest Payable A/c 1,36,258 1