There was a liability for outstanding expenses of ₹7,000 at the time of dissolution. It was settled for ₹5,000. Journal Entry will be..........
Answer & explanation
Correct answer: option 3
Realisation A/C Dr. ₹5,000
To Bank A/C ₹5,000
There was a liability for outstanding expenses of ₹7,000 at the time of dissolution. It was settled for ₹5,000. Journal Entry will be..........
Correct answer: option 3
Realisation A/C Dr. ₹5,000
To Bank A/C ₹5,000