Question

X Itd.'s has received payment from one of the
debtors, in the books of X Ltd.​

Answer 1

Complete question:

Write details of the transaction: X Itd.'s has received payment from one of the debtors, in the books of X Ltd.​

About this transaction:

• This transaction is considered a cash transaction.
• Two accounts will be affected: Debtor account and cash account.
• Cash comes into the business hence cash account will be debited.
• Reduction in debt, hence debtor's account will be credited.

Effects on final account:

• Deducted from debtor's account asset side (credited)
• Add in the cash balance asset side (debited) with the same amount.

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