Accounting journal entry


Shalu Kumari   02 September 2019

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Q1- Sushil kumar has compounded with his creditors. I have accepted acomposition of 62p in the rupee on a debt of Rs.4800 due from him.

Q2- sunil kumar compounded with his debtors. Accepted a composition of 35p in the rupee out of a debt of Rs.1000.

prasad Nilugal (Accountant GST Practitioner . )     02 September 2019

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1) Sundry  Creditors  A/c   Dr                4800/- 

     To  Bank                      A/c    Cr                           2976/-

     To  Sundry creditors written off    A/c  Cr                           1824/- 

(  Payment  to sundry  creditors  0.62  out of 1 rupee , balance written off ) 

 

2)  Bank                          A/c    Dr         350

     Bad debts                  A/c    Dr         750

     To  sundry debtors      A/c               Cr                 1000

(  Payment  received  0.35  out of rupee form debtors balance bad debts ) 

At the end of the year  bad debts & creditors  written off  will be  transfer to profit & loss a/c  

 

    

 

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sabyasachi mukherjee   16 September 2019

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There can be no account under the
Nomenclature
sundry creditors written off....

prasad Nilugal (Accountant GST Practitioner . )     20 September 2019

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Mr  Mukherjee  will  you  please elaborate  ?.  Nomenclature ?. 

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sabyasachi mukherjee   20 September 2019

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Sundry creditors are written off..
you can initially dr. bad debt account in case of debtors.
first provide for the debtors.

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bon bon   24 September 2019

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sabyasachi mukherjee   24 September 2019

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Prasad if u cant understand call me.

prasad Nilugal (Accountant GST Practitioner . )     25 September 2019

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@   Dear Mr  Mukherjee   Why   should  I call  you  , If  you think  any thing wrong  then  please  explain  bellow  details . bad debts and sundry creditors  two different cases . 

Wizcart (Business Men)     25 September 2019

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