Insolvent entry
This query is : Resolved
26 November 2014
x owes b 1000 , he declare insolvent , pay 20 paisa in a rupee what is the journal entry in the books of x ?????
CMA Ramesh Krishnan
(Expert)
26 November 2014
Dr: B a/c Rs.1000
Cr: Insolvent a/c Rs.800
Cr: Bank/cash Rs.200
Cr: Insolvent a/c Rs.800
Cr: Bank/cash Rs.200
Rupesh Jain
(Expert)
27 November 2014
b a/c dr 1000
to bank a/c cr 200
to solvency a/c cr 800
to bank a/c cr 200
to solvency a/c cr 800
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