Management Accounting

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
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