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Question

Journalise the following transaction:
Sohan is declared insolvent. Received from his official receiver 60 paise in a rupee on a debt of Rs. 10,000.

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Solution

Cash A/c Dr. 6,000
Bad Debts A/c Dr. 4,000
To Sohan A/c 10,000
(Being the cash dividend of 60 paise in a rupee out of his debt of Rs. 10,000 received from Sohan on his insolvency).

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