There was a contingent liability for B/R received from Ashok for Rs. 20,000 and discounted with the bank. Ashok became insolvent and 75 paise in a rupee were received from his estate. How much amount will be debited/credited to Realisation Account?

There was a contingent liability for B/R received from Ashok for Rs. 20,000 and discounted with the bank. Ashok became insolvent and 75 paise in a rupee were received from his estate. How much amount will be debited/credited to Realisation Account?

Post category:Accountancy
Reading time:1 mins read

SOLUTION

Debit Rs. 20,000 and Credit Rs. 15,000.

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