Ram who owned rs. 10000 become bankrupt and paid us 40 paise in a rupee ....pass journal entry
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cash account.... Dr. (10, 000×40/100) 4000
bad debts account.... Dr (10, 000×60/100) 6000
to ram 10,000
amount received = 4000
not recieved is considered as irrecoverable amount purely transferred to bad debts account which is 6000
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