Shyam Lal declared insolvent received from his official receiver first and final composition of 40 paise in a rupee journal entry
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Explanation:
When Shyam Lal is declared insolvent, it comes under bad debts.
In journal entry , it is written as
Cash a/c. Dr
Bad debts a/c. Dr.
To Shyam Lal a/c
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