In the following questions ,what is the journal entry? Explain it properly plz
Q)Sohan is declared insolvent . Received from the official 60 paise in a rupee on a debt of Rs 10,000.
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cash a/c Dr. 6000
bad debts a/c. Dr. 4000
To Sohan a/c. 10000
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Cash ac. .....dr 10000
To bad debts. 4000
To official's ac. 6000
This is because we received 10,000/100x60 from the official
And the remaining is set as bad debt
To bad debts. 4000
To official's ac. 6000
This is because we received 10,000/100x60 from the official
And the remaining is set as bad debt
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