rohit is declared insolvent.received from his official receiver 60 paise in a rupee on debit of 10,000 show the result in accounting equation
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Explanation:
Particulars
L.F.
Dr. Rs.
Cr. Rs.
Cash A/c
Dr.
6,000
Bad debts A/c
Dr.
4,000
To Vinod A/c
10,000
(Being 60 paise in rupee received from Mr. Vinod out of a debt of Rs.10,000)
Raj A/c
Dr.
7,500
To Cash A/c
7,300
To Discount Received A/c
200
(Being the cash paid to Raj after receiving discount of Rs.200)
Cash A/c
Dr.
500
To Bad Debts Recovered A/c
500
(Being the amount earlier written off as bad debt now received)
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