Give journal entries for the following:

 i. Received only 60 paise in rupee from official receiver of Mr.Vinod who owed Rs.10,000.

 ii. Paid Rs.7,300 to Raj in full settlement of his account of Rs.7,500.

 iii. Received cash from Vinod for a bad debt written off last year Rs.500.

Asked by Topperlearning User | 1st Jul, 2016, 04:02: PM

Expert Answer:

In the Books of ………. Journal

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)

 

 

 

 

 

Answered by  | 1st Jul, 2016, 06:02: PM