Question

8. Journalise the following transactions of X from his following report:
Rs.
(i) Kamal became insolvent. A first and final payment
of 60 paise in a rupee was received from his official
receiver. He owed me a debt of
500
(ii) Received cash for a bad debt written off last year 250
(iii) Rent due to landlord
400
(iv) Depreciation on office furniture
50
(v) Salaries due to clerks
2,000​

Answer 1

Answer:

60 Paise in Rupees means only 60% of amount is recoverable so,

60/100*500 = 300

1)

Cash A/C Dr. Rs.300

Bad Debts A/C. Dr. Rs.200

To Kamal's A/C Rs.500

[Being 60% of bad debts recovered]

2)

Cash A/C. Dr. Rs.250

To Bad Debts A/C Rs.250

[Being Bad Debts Recovered]

3)

Rent A/C Dr. Rs.400

To Outstanding Rent A/C Rs.400

[Being Rent Sue but not yet paid]

4)

Depreciation A/C. Dr. Rs.50

To Cash A/C. Rs.50

[Being Depreciation Charged on furniture]

5)

Salaries A/C. Dr. Rs.2000

To Outstanding Salaries A/C. Rs.2000

[Being Salaries due to Clerk]

Explanation:

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