VS Industries
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VS Industries recorded various journal entries including closing the stock account and recording purchases, paying salaries and rent expenses. Other entries recorded insurance expenses, interest revenue, cash receipts from customers, depreciation expenses, bad debts, discounts, and accrued interest payable.
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