saji become insolvant -what is journal entry
- 1 Answers
- 1895 Views
- I also Faced
- E-Mail Answers
Answer / Nitin Kumar Tyagi
When an entity becomes insolvent, it requires a special type of journal entries known as Insolvency Accounting Entries. The specific journals may vary based on accounting standards and local laws, but generally include: 1) Debit Bad Debts Expense and credit to Accounts Receivable for the total estimated uncollectible accounts receivables; 2) Record liabilities to creditors by debiting Cash or Accrued Liabilities and crediting Creditors' Accounts Payable. Consult a professional accountant for specific advice.
| Is This Answer Correct ? | 0 Yes | 0 No |
How to prepare finalization accounts?
Why is accounting done?
What would be the entry at the time of Generating Tution Fee Challan for Advance fees. (e.g In the Month of April, Fees of June and July in being asked to pay by school to their students?,
What will be the entry in book, stock get destroyed in fire Of rs. 1, 00,000/- in two circumstances?
wt is Bank Guarantee?wt the pr0 cedure of BG
Hi Everybody, Can anybody tell me how to create ledger in Peachtree Accounting software, means there are some Code, which Codes Comes under which ledger Account.your prompt Answer will be highly appreciated, Thanks & regards, Khan
Name Financial Institutions available in Indian Industry to meet financial needs ? and their objectives ?
If we maintain inventory then if proprietor take the some goods for personal Use then how to we do entry
what is accounting rules
2 Answers Construction, Genpact,
iam working at hotel industry it is a small industry so, i did'nt kept postage and telegram ledger because we are not doing so recently we send courier that courier charges which ledger i have to take?
why do we take preliminary expenses into asset side?
What is difference vat
Audit 
