Accountancy, asked by bootasingh, 1 year ago

Shyam Lal declared insolvent received from his official receiver of first and final composition of 40 paise in a rupee journal entry

Answers

Answered by Itzkrushika156

2

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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