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creditors agreed to take over debtors …

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creditors agreed to take over debtors in full settlement of their claim ( book value given in balance sheet just before dissolution : creditors Rs 2, 50,000 , Debtors Rs .2, 25,000 . How to deal with this situation ..??

    • Posted by Bhumika Banjare 8 years, 5 months ago

    CBSE > Class 12 > Accountancy
    • 2 answers

    Nidhi Yadav 8 years, 5 months ago

    For an asset taken over by a liability there's no entry to be passed

    0Thank You

    Radhika Garg 8 years, 5 months ago

    There is no entry for such adjustment

    0Thank You

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