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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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.

		₹
(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.

Journalise the following transactions in the books of Harpreet Bros

(a) Rs 1,000 due from Rohit are now bad debts.

(b) Goods worth Rs 2,000 were used by the proprietor.

(d) Provide interest on capital of Rs 1,50,000 at $6 %$ per month for 9 months.

(e) Rahul become insolvent, who owed is Rs 2,000 a final dividend of 60 paise in a rupee is received from his estate.

60

R s . 2, 000

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