Gautam who owed us Rs 25,000 is declared insolvent and 75 Paisa in a Rupee received from him. The Amount and Account would be entered to the:-
(1 Point)
(a) Credit of discount A/c Rs 8,250
(b) Credit of bad debts A/c Rs 7,250
(c) Debit of bad debts A/c by Rs 6,250
(d) Credit the debtor A/c by Rs 4,250
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ACCOUNTANCY
Journalise the following transaction:
Sohan is declared insolvent. Received from his official receiver 60 paise in a rupee on a debt of Rs. 10,000.
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Cash A/c Dr. 6,000
Bad Debts A/c Dr. 4,000
To Sohan A/c 10,000
(Being the cash dividend of 60 paise in a rupee out of his debt of Rs. 10,000 received from Sohan on his insolvency).
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