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 Viond in full settlement of his acocunt of Rs. 7,500.

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

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Solution

(i) Cash Dr. 6,000; Bad debts Dr. 4,000 and Vinod Cr. 10,000

(ii) Vinod Dr. 7,500 and Cash Cr. 7,300; Discount Cr. 200.

(iii) Cash Dr. 500 and Bad debts Recovered Cr. 500.

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Similar questions

60

R s . 2, 000

Enter the following transactions in a cash book with cash and bank and columns for the month of April, 2011:

2011 Apr.
1.	Started business with cash Rs 30,000.
2.	Opened a current account with bank and deposited Rs 9,000.
5.	Received Rs 4850 for cash sales and discount allowed Rs 50.
6.	Purchased goods of Rs 3,000 at 10% cash discount, half the amount was paid by cash and remaining by cheque.
9.	Received a crossed cheque for Rs 7,775 from Megha Associates and discount allowed Rs 25.
12.	Purchased machinery of Rs 13,300 and paid for installation Rs 700.
15.	Received a bearer cheque of Rs 737 from Rahul in settlement of his account Rs 800.
17.	Deposited into the bank Rs 2,000.
20.	Transferred Rs 8,000 from proprietor’s savings account to Current account.
22.	Received a bearer cheque from Vinod Rs 2,230.
24.	Deposited the cheque received from Vinod into the bank.
27.	Bank informed that cheque received from Vinod is dishonoured.
28.	Paid for printing bill book Rs 660.
30.	Withdrew from bank for office use Rs 1,000.

		₹
(i)	Shyam became insolvent. A first and final compensation of 75 paise in a rupee was received from his Official Receiver. He owed us	10,000
(ii)	Received cash for bad debts written off last year.	5,000
(iii)	Rent due to landlord.	8,000
(iv)	Salaries due to clerks.	10,000
(v)	Placed an order with Rakesh Mohan for the supply of goods of the list price of ₹ 1,00,000. In this connection, Raman paid 10% of the list price as an advance by cheque.

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