Ms Mohan Singh and company who owes rupees 3000became insolvent. Only 45percent of the Amount is realised
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Answer:
Cash A/c Dr. - 1,350
To Ms Mohan Singh A/c Cr.- 1,350
Explanation:
Since Ms. Mohan Singh Is Condsidered insolvent who owes you 3000 so, 45%(3000) i.e, 1,350 Only will be collected from him. So Cash Account is Debit Entry As It gets Rs .1,350 from Mohan and Ms Mohan Singh Account will be Credit entry As he Pays you Rs.1,350 From his Account
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