5. Pass Journal entries for the following transactions:
2020
April 1 Mohan is declared insolvent. Received first and final dividend from his official Receiver 50 paise
in a rupee against a debt of 5,000.(WRITE FORMOLA AND ENTRY)
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6
Answer:
2020
April 1 Mohan is declared insolvent. Received first and final dividend from his official Receiver 50 paise
in a rupee against a debt of 5,000.(WRITE FORMOLA AND ENTRY)
no entry will be passed
Answered by
5
Explanation:
as mohan received 50%of cash so 2500 will go to cash A/c and 2500 will go to bad debt A/c and both will be debited and 5000 to Mohan will be credited
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