A company sold goods on credit of the value ₹ 500000 on 1st May 2009 to a party
named Z Ltd. paid ₹ 250000 on 25th August 2009. On 12th Dec 2009 Z Ltd. refused to
pay balance amount and it becomes bankrupt. During the financial year 2009-10,pass journal entries.and state AS
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A company sold goods on credit of the value ₹ 500000 on 1st May 2009 to a party named Z Ltd. paid ₹
Replies (3)
Booking entry
on 1/5 /2009
Z Ltd A/c Dr 500000/-
To sales A/c Cr 500000/-
( sale to Z Ltd )
when you received part payment on
25/8/2009
Bank A/c Dr 250000/-
To Z Ltd. A/c Cr 250000/-
( part Payment received )
on 12/12 /2009 pass entry of Bad Debts
Bad Debts A/c Dr 250000/-
To Z Ltd. A/c Cr. 250000/-
( Z Ltd become bankrupt , unable to pay balance payment hence Bad Debts )
I think AS 9( Revenue recognition) will applicable , please confirm .
on 1/5 /2009
Z Ltd A/c Dr 500000/-
To sales A/c Cr 500000/-
( sale to Z Ltd )
when you received part payment on
25/8/2009
Bank A/c Dr 250000/-
To Z Ltd. A/c Cr 250000/-
( part Payment received )
on 12/12 /2009 pass entry of Bad Debts
Bad Debts A/c Dr 250000/-
To Z Ltd. A/c Cr. 250000/-
( Z Ltd become bankrupt , unable to pay balance payment hence Bad Debts )
I think AS 9( Revenue recognition) will applicable , please confirm .
| Originally posted by : Sandeep Yadav | ||
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