payment made to creditors in full settlement rs 17,500

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!UA�+�D�LⶽbX��a�r�����1m{��M�f ��4x�a�@ж2�� (4) 8. 12,800 to Mr. Udaya who paid half of the amount due by the cash. Received a cheque for Rs. (ii) Credit purchase of goods Rs 18,000. x��Z�o�6~7���O���2��I�tZ�E2�!��ʉ1�JlA���%۱%ij��L�(���G���Y1� N�"�e����*��6��y� >���iZ������@�Y�=��ӷgl��Ұ�y��c+,㱇?�H6��v��q��~� jL��D,��Qqb� >}���}���}k@�m�&���a�S��^;쫘����+�&�8@�8$8�9� Hd0�.T�03� 籂�/�4x^*4ܑE�7� �^�I�I��L0��Z��#އ^���a8`��"H*�ﺝѫn���I�OK%��WB0+$ �e�ΗWl��4=)9��(E��Ɓ'�����r��+D{E`*��$]�t�}V�a4�@h}�{����[ � ��[^Up������-Ri 0#غ�;"�w�V � �R'� zŢ��ψ�� For example, short-term loans, outstanding wages, bills payable and bank overdraft creditors. Delete endobj Explain … The entire NCERT textbook questions have been solved by best teachers for you. Here the gap of Rs. As per our view, payment to micro and small enterprise though not outstanding on the cut-off date but made beyond 45 days is required to be reported in form MSME I. (iv) Purchase of machinery for cash ₹ 20,000. Remaining Creditors allowed a discount of 10%. (iid Payment made to creditors in full settlement 17,500 (iv) Purchase of machinery for cash 20,000 (0) Depreciation on machinery + 2,000. 70000 2) Credit purchase of goods Rs. c. Rohit had given a loan of Rs.70,000 to the firm which was duly paid. Sundry Debtors were realized at Rs. June 20 Bought a ‘Table Fan’ for Rs. (iii) Payment made to creditors in full settlement ₹ 17,500. 20,000. This site is using cookies under cookie policy. (v) Depreciation on machinery ₹ 2,000. Answer 2: CBSL is empowered by the Payment and Settlement Systems (PSS) Act to regulate and supervise payment, clearing and settlement systems, prescribing policies and setting standards for regulating and supervising all the payment and settlemen… stream (ii) Credit Purchase of goods Rs 18,000 (iii) Payment made to creditors in full settlement Rs 17,500 (iv) Purchase of machinery for cash Rs 20,000 (v) Depreciation on machinery Rs 2,000. Learn more. But if it is found insufficient they should proportionately be paid. What are the disclosure requirement in the annual accounts? 2,000 and Madhu Rs. When you’re managing your debt and money, you might wonder whether it’s worthwhile to pay off those credit balances in full or make partial payments that fit your budget. Total Creditors of the firm were Rs.40,000. LEARNING APP; ANSWR; CODR; XPLOR; SCHOOL OS; answr. All the solutions of Recording of Transactions - I - Accountancy Part I explained in detail by experts to help students prepare for their CBSE exams. Simply, creditors make money by charging interest on the loans they offer their clients. Credit utilization is the second most important factor in credit scoring, after making on-time payments. (ii) Credit Purchase of goods Rs.18,000. …, fy bcom method of recognized by accounting standard​, fybcom account what method is recognized by AS 2 ​. (iii) Payment made to creditors in full settlement ₹ 17,500. Q uestion 7: Prepare an Accounting Equation from the following: (i) Started business with cash Rs 1,00,000. Case of full settlement arises when 1. the customer has paid the money before and now it needs to be adjusted 2. Particulars Amount Particulars Amount Rs Rs Buildings 200000 Creditors 30000 from MRKT 134 at Motilal Nehru NIT Jan. 23 Sold goods valued at Rs. Answer Hope that helps. Well, by definition, a creditor is someone to whom money is owed. Make your payment by CROSSED CHEQUE only; As soon as the payment is done, close this credit card account by giving writing instructions saying w.r.t Final Settlement, I have cleared all the dues and want this account to be closed. Question 24. Recording of Transactions – I The amount Block owes at the end of the two years is nearest to a. 9,800 to Sunil in full settlement of his account. (c) Creditors were ₹ 90,000. 17,500 - 10833579 (ii) Credit Purchase of goods Rs 18,000 (iii) Payment made to creditors in full settlement Rs 17,500 (iv) Purchase of machinery for cash Rs 20,000 (v) Depreciation on machinery Rs 2,000. ... (less Rs. a)Started business with cash Rs 70,000 b)Purchased goods on credit Rs 18,000 c)Purchased machinery Rs 20,000 d)Payment made to creditors in full settlement Rs 17,500. e)Depreciation on machinery Rs 2,000 please explain this sum. \"Settled in full\" means you negotiated with the lender to pay off some amount less than what he gave you. 4,680 from Miss Srijana as full settlement. a. Kunal agreed to pay off his wife’s loan of Rs.6,000. Cash or bank is an asset, which increases on the left side (debit) and decreases on the right side (credit). (iii) Payment made to creditors in full settlement Rs 17,500. (i) Amount paid to creditor Rs. Free PDF download of TS Grewal Accountancy Class 11 Solutions Chapter 5 Journal solved by Expert Teachers as per NCERT (CBSE) Book guidelines. Prepare an accounting equation on the basis of the following transactions: 1) Started business with Rs. 7. 5,000 and salaries to staff Rs. 18,000. 16. Total Assets = Capital after adjustment + Creditors = Rs.50,000 + Rs.25,000 = Rs.75,000. They accepted Building valued at … Capital - It refers to the amount invested in the form of cash or asset by the owner in a firm's business or organisation of his choice. 20 as discount.January 8 … This amount is to be paid within 30 days. 1,980 from Vijay and allowed him Rs. r���q�p�sV��`�q�V��6��K �Zx���N��Kֳѻ^_E3�dO�$J'�d=]�Ǟ��^_F㞋����pK�h��B[Gg���y��g�q2�0��.��)�4��ӟ��s�\��dr��{"`8l��~�ڄ½�VY�K�t��\@p�}S�[�� Q�cy����MK�ӅȈi��51�hҿ��*����>�b�Tg���Š8�]��ݺ-������Ө �E�6i�!~�. Journal entries are adjustment entries. Insider payments. 4 0 obj Expenses of realisation amount to Rs. (m) Bobby withdrew Rs 20,000 from the business. You can arrange a Debt Payment Programme (DPP) under the Debt Arrangement Scheme (DAS). (v) Depreciation on machinery Rs 2,000. They accepted Buildings valued Rs 1,20,000 and paid cash to the firm Rs 30,000. Login. This amount is to be paid within 30 days. Explain Capital Reserve and Revenue Reserve with examples. So is the case if you are looking for CBSE class 11 Commerce related topic . June 25 Sold goods for cash of the list price of Rs, 8,000 at 10% trade discount and 3% Jan. 20 Total cash sales for the day amounted to Rs. <>/XObject<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/Annots[ 10 0 R 12 0 R] /MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> If your offers are accepted, make sure you send payment to each creditor by the date they give you. The lender would rather receive something than let you dissolve the debt in bankruptcy or deal with the hassle of a court case. Q16. Once your DPP has been approved you make one regular payment to a payment distributor, who sends the money to your creditors. Preferential Creditors amounted to Rs 35 (included in Sundry Creditors) and Rs 15 for Rates on the house. Free PDF Download - Best collection of CBSE topper Notes, Important Questions, Sample papers and NCERT Solutions for CBSE Class 12 Accounts Retirement, Death of a partner. Free PDF download of TS Grewal Accountancy Class 11 Solutions Chapter 2 Accounting Equation solved by Expert Teachers as per NCERT (CBSE) Book guidelines. (l) Received Rs 19,000 payment from the client created in transaction (k). 20,000.15. (d) Purchase of machinery for cash ₹ 20,000. 5,000 for cash less 20% trade discount and 5% cash discount.January 4 Received Rs. (iii) Payment made to creditors in full settlement Rs.17,500. Transaction Assets = Liabilities + Capital Cash (₹) + Stock (₹) + Machinery (₹) (₹) (₹) (i) Started business with Cash ` … Discount received should be divi (ii) Credit purchase of goods Rs 18,000. Prepare Realisation Account, Bank Account, Partners Capital Accounts to close the books of the firm. Explain Capital Reserve and Revenue Reserve with examples. …, There are two departments M and N. Sales for M ₹ 90,000 and N ₹ 60,000, Purchases for M ₹ 40,000 and for N ₹ 32,000 . They accepted Machinery valued at Rs 18,000 in settlement of their claim. This might happen on a an unsecured line, such as a credit card. The Creditors were paid Rs. (iv) Purchase of machinery for cash Rs 20,000. December 31, paid for stationery Rs. (v) Depreciation on machinery ₹ 2,000. $21,580 b. 50,000. 2, 50,000 and Rs. The solution for this question is as follows: Q.10 Prove that the Accounting Equation is satisfied in all the following transactions of … An insider is a relative, friend, or business associate. b. 12,800 to Mr. Udaya who paid half of the amount due by the cash. The corresponding entry, the debit, is to creditors. Ashu and Harish are partners sharing profit and losses as 3:2. 15,700 and cash purchases were valued at Rs. (4) 8. [Keep a proof of closing this account, say banker stamps on the second copy of the lettr or send it by registered A.D] Debt collectors are more likely to negotiate a settlement , often at much lower amounts, if they think there’s a chance that they may not be able to collect at all. CBSL has taken several initiatives to make payment systems Safe, Secure, Sound, Efficient and Accessible throughout the country. Ans: Assets = 32,500 + 18,000 + 18,000 = Rs 68,500 Liabilities = NIL Date         Account Title and Explanation       Debit   Credit, Creditor                              A/c  Dr.     17,500, To Cash / Bank                 A/c                         17,500, (Being amount 17,500 paid for full settlement). 49,000.14. June 20 Paid Rs. Cost savings of paying off card debt Solution of Question No 9 Chapter No 5: – Despite this fact, Harkham nevertheless discounted the final payment it made to Jade by $17,500, asserting that because it had made all of its required payments it was entitled to the discount. (ii) Credit Purchase of goods Rs.18,000. (i) Started business with cash Rs 70,000. FYI creditors are also known as accounts payable or simply payables. You can specify conditions of storing and accessing cookies in your browser, Payment made to Creditors in full Settlement Rs. PAYMENT TO CREDITORS/SUPPLIERS (a) All reasonable steps must be taken to ensure that payments made by the Municipality are made direct to the person that supplied the service or to whom the payment is due, unless otherwise agreed upon as approved by the Chief Financial Officer. d. Jestha 15 2071 : Payment made to Khanal stores Rs. Sharma immediately endorsed the promissory note in favour of his Cr. Now let’s look then at how a negative payment history – recent history, especially – might be affected by either an in-full payoff or a settlement. If the transaction involves cash, it is entered in the cash book. Amount to be transferred to Balance sheet should b The following example will make the principle clear: Realization of securities amounted to Rs. (k) Completed services of a client for Rs 26,000. A account listed as \"paid in full\" means you paid off the entire amount due on a loan. [Keep a proof of closing this account, say banker stamps on the second copy of the lettr or send it by registered A.D] He had also goods amounting to ₹ 15,000 which he had purchased on credit and the payment had not been made. (iv) Purchase of Machinery for cash Rs.20,000. All the solutions of Accounting Equation - Accountancy explained in detail by experts to help students prepare for their CBSE exams. (iii) Payment made to creditors in full settlement Rs.17,500. 10,000 held back) were cleared by cheque, enjoying a cash discount of Rs. As this is a payment the entry would be recorded in the cash payments journal (CPJ). […] HSEB, NEB Important model question of Account, Principle Accounting ... Cash paid to Harry Rs. 17,500 in full settlement instant of Rs. The solution for this question is as follows: S. No. (iv) Purchase of machinery for cash ₹ 20,000. (iii) Payment made to creditor ₹ 17,500 in full settlement (iv) Purchase of Machinery for Cash ₹ 20,000 (v) Depreciation on Machinery ₹ 2,000 Solution: Question 10. (ii) Purchased goods for cash Rs 20,000 and on credit Rs 30,000. Ans: Assets = 32,500 + 18,000 + 18,000 = Rs 68,500 Liabilities = NIL (a) Creditors worth ₹ 85,000 accepted ₹ 40,000 as cash and Investment worth ₹ 43,000, in full settlement of their claim. Note: Cash goes out of the business so. (iid Payment made to creditors in full settlement 17,500 (iv) Purchase of machinery for cash 20,000 (0) Depreciation on machinery + 2,000. Purchase new office equipment by paying Rs 93,000 cash and trading in old equipment with a recorded cost of Rs 7,000. The solution for this question is as follows: S. No. Sep 11,2020 - Prepare an accounting equation on the basic of following transactions first questions start business with cash cash Rs 70000 second secondquestion credit purchase of Goods RS 18000 third question payment made to creditor in full settlement RS 17,500 4th question purchase of machinery for cash Rs Rs 20,000 fifth question depreciation of machinery Rs 2,000? (iv) Purchase of machinery for cash ₹ 20,000. Creditors can't take any legal action to … a)Started business with cash Rs 70,000 b)Purchased goods on credit Rs 18,000 c)Purchased machinery Rs 20,000 d)Payment made to creditors in full settlement Rs 17,500. e)Depreciation on machinery Rs 2,000 please explain this sum. Jan. 25 paid Sapana Traders Rs. He urged the CoC to consider the settlement proposal if the bids received for DHFL continue to be as "low" as the previously received bids. It’s possible that none of your creditors will accept a full and final settlement. 2,000, rent Rs. (i) Commenced business with cash ₹ 60,000. 1, 00,000; Secured Creditors and Workmen’s due were Rs. 18000 3) Payment made to creditors in full settlement Rs. Jade countered that the plain language of the forbearance agreement explicitly stated that Harkham was only entitled to the discount if it made all of its payments on time. 20,000 from the business. (v) Depreciation on machinery Rs 2,000. Prove that the Accounting Equation is satisfied in all the following transactions of Suresh. 28,750. Show the effect of the following transactions on the Accounting Equation: ��\�^��As��ؘ�p�b��+r%8�`� {��\G���]���_#^ָ�Y�Zd�+&�a ;���ak8͋"�Ѽ;\�y���\0AJ�ʚ��D% ��� �~�}��#.��BY1��K]��Aw×Q[@�V�. 1 0 obj �j_Ƃո��XH\с�K��?���n�� �QPz�~��IM�� Sold goods costing Rs 17,500 for Rs 20,000 to Manish –17,500 ... Payment made to creditors in full settlement ₹ 17,500. Illustration 5: He commenced business with a capital of Rs 39,000 on 1st January 2003 and made a total profit of Rs … (i) Started business with cash Rs.70,000. It was decided that A and B would take over the following assets at the following sums: A and B decided to … ?`�(� %~��O�����S ᧪)t�2�8¯�cx��VSM��J���Ղ6�W^�w�3��@Zn��6Y�qc�2jF3)0� �����6��m�>��B,$0���� Sundry Debtors: Vijay Rs. (k) Completed services of a client for Rs. Payment made to Creditors in full Settlement Rs. If you are a creditor and you are offered part payment only of money owed by a debtor, you should take caution in accepting particularly if the sum is offered “in full and final settlement”. 17,500; Capital Rs. This page contains the CBSE accountancy class 11 chapter Recording of Transactions – I notes.You can find the questions/answers/solutions for the chapter 3 of CBSE class 11 accountancy in this page. 26,000. All the solutions of Accounting Equation - Accountancy explained in detail by experts to help students prepare for their CBSE exams. Received a cheque for Rs. Total cash lodged at the bank Rs. Solution of Question No 9 Chapter No 5: – If the question is silent, we assume that sales and purchases are made in cash mode. …, ded in the ratio of _______ .1:13:25:42:1​, Expenses paid for Repairs of Machinery is treated as _______Capital ExpenditureRevenue ExpenditureDeferred Revenue ExpenditureDeferred Capital Expendi 25,500 in full settlement. <> [a] Creditors worth Rs 85,000 accepted Rs 40,000 as cash and Investment worth Rs 43,000, in full settlement of their claim. On Feb. 02, 2015, Verma purchased from Sharma goods for ₹ 17,500. Since it is decreasing we will credit this asset. 5,000.Following were further transactions in the month of January 2008:January 1 Purchased goods worth Rs. Find out the value of the total assets of the business. X agreed to take the entire stock in full settlement of his loan. 34,000. Total cash lodged at the bank Rs. or Gupta for the full settlement of a debt of ₹ 15,400. 33,000 in full settlement of his account ... Sold goods on cash Rs. Oswal Woollen Mills, Amritsar (Punjab) sold shawls to Gupta Shawls, Jaipur as per details: Sold 100 shawls @ ₹ 200 per shawl on 4th January, 2018, IGST is levied @ 12%. A payment can be made in the form of cash, check, wire transfer, credit card, or debit card. December 26, cash paid to Amrit in full settlement Rs. payment definition: 1. an amount of money paid: 2. reward: 3. an amount of money received by an employee because of a…. 20000 5) Depreciation on machinery Rs. 17,500, accrued income is recorded in which side of the profit and loss account​, suresh ke pita ke char bacche h pahle ka naam Sunday dusre ka monday tisre ka tuesday to 4 ka kya hoga ​, Stock Valued at ₹ 8,700 destroyed by fire , But insurance company admitted a claim of ₹ 5,800 only. 1,200 for the domestic use of Raghunath. Sales goods on credit to Manish (Costing Rs 17,500) 20,000 (d) Purchased furniture for office use: 10,000 (e) Cash paid to Rohit in full settlement: 48,500 (f) Cash received from Manish: 20,000 (g) Rent paid: 1,000 (h) Cash withdrew for personal use: 3,000 (v) Depreciation on machinery ₹ 2,000. When the cash discount is given to customer on sale for one time settlement. %PDF-1.7 (iv) Purchase of Machinery for cash Rs.20,000. (iv) Purchase of Machinery for cash Rs.20,000. Whether payment made beyond 45 days but not outstanding as oncut-off dateis also required to be reported? (iii) Payment made to creditors in full settlement Rs 17,500. �� (iii) Payment made to creditors in full settlement ₹ 17,500. (b) Creditors were ₹ 16,000. Cash grants: Bank of America offers closing credits up to $7,500 and down payment grants of up to $10,000 (the programs can be combined for a total possible benefit of $17,500). Keep proof of payment. T. S. Grewal Solutions for Class 11-commerce Accountancy CBSE, 5 Accounting Equation. They do not involve cash or bank transactions. endobj <> They decided to dissolve the firm on December 31, 2006. (i) Started business with cash Rs 70,000. Prepare a Statement of Affairs and Deficiency Account. Prove that the Accounting Equation is satisfied in all the following transactions of Suresh. "My proposal provides for a full repayment of 100 per cent principal to all creditors within 7-8 years with an upfront payment of Rs 9,000 crore," Wadhawan wrote. 17500 4) Purchase of machinery for cash Rs. (iii) Payment made to creditors in full settlement Rs.17,500. [b] Creditors were Rs 16,000. For more info check out the full lesson on accounts payable journal entries (i.e. They accepted Machinery valued at ₹ 18,000 in settlement of their claim. ₹ 2,500 immediately and for the balance gave a promissory note to Sharma payable after 60 days. paid off in one payment at the end of four years. Paid rent Rs. 2,000. Central Bank of Sri Lanka (CBSL) has been the driving force in the development of national payment and settlement systems in the country. (i) Started business with cash Rs 70,000. 19,000 payment from the client created in transaction k. (m) Bobby withdrew Rs. (ii) Total Assets = Cash + Stock + Machinery Creditors worth Rs.10,000 were given a piece of furniture costing Rs.8,000 in full and final settlement. Also prepare a Balance Sheet. (a) Credit purchase of goods 18,000. Make your payment by CROSSED CHEQUE only; As soon as the payment is done, close this credit card account by giving writing instructions saying w.r.t Final Settlement, I have cleared all the dues and want this account to be closed. (j) Purchase new office equipment by paying Rs. Q uestion 3:. Required: Accounting equation Ans: Assets Rs. Delete (4) [c] Creditors were Rs 90,000. Understanding Payment Today's monetary system allows for payments to be made with currency . (l) Received Rs. All Journal Exercise Questions with Solutions to help you to revise complete Syllabus and Score More marks. 2 0 obj Also prepare a Balance Sheet. Whether the trustee will void a monetary payment will depend on: the creditor’s relationship to you; how much you paid the creditor, and; when you made the payment. 3 0 obj 2000 In (iv) Gopinath who is the proprietor of the business takes out Rs.5, 000 from Business. 2,500. Accountancy Solutions for Class 11-commerce Accountancy Part I CBSE, 3 Recording of Transactions - I. Well, by definition, a creditor is someone to whom money is owed. All Accounting Equation Exercise Questions with Solutions to help you to revise complete Syllabus and Score More marks. 2,000.Credit Balances on January 1, 2008:Sundry Creditors: Anand Rs. (i) Commenced business with cash ₹ 60,000. A settlement occurs when you pay part of the total owed, and the collector agrees to consider the account paid in full. In other words, if realizations of securities are more, full payment may easily be made. %���� 20,000. Here’s what you need to know about making payments to creditors when you want to improve your credit score.. Related: Choose the Right Credit Card for You How Payments Affect Your Credit Score paying off creditors). Here is how the rules get applied to regular creditors, insider creditors, and business debt creditors. 7,000. 20,000 and Creditors were settled at Rs. <>/Metadata 950 0 R/ViewerPreferences 951 0 R>> T. S. Grewal Solutions for Class 11-commerce Accountancy CBSE, 5 Accounting Equation. (i) Started business with cash Rs.70,000. (a) A had a capital of ₹ 75,000 on 1st April, 2017. (iv) Purchase of machinery for cash Rs 20,000. (4) 8. Short term liabilities - Liabilities incurred with an intention to be paid or are payable within a year is termed as short-term liabilities. (4) 555555 55555555555 5555555555555 ACCOUNTANCY Class – XI 93,000 cash and trading in old equipment with a recorded cost of Rs. You may find not all your creditors are willing to accept your offer of settlement and you’ll have to negotiate with each one individually. endobj cash account will be credit and the creditor account will be debit. At the end of the four years, Block made a payment of $8,000 and refinanced the remaining balance at 6% interest, compounded monthly, to be paid at the end of two years. …, Research and Development expenses paid for new product is treated as _______Capital ExpenditureRevenue ExpenditureDeferred Revenue ExpenditureDeferred Trade Discount 25% and Cash Discount 5% if full payment is made within 14 days. (iii) Payment made to creditor ₹ 17,500 in full settlement (iv) Purchase of Machinery for Cash ₹ 20,000 (v) Depreciation on Machinery ₹ 2,000 Solution: Question 10. (ii) Credit Purchase of goods Rs.18,000. Transaction Assets = Liabilities + Capital Cash (₹) + Stock (₹) + Machinery (₹) (₹) (₹) (i) Started business with Cash ` 70,000 4,680 from Miss Srijana as full settlement. Sales goods on credit to Manish (Costing Rs 17,500) 20,000 (d) Purchased furniture for office use: 10,000 (e) Cash paid to Rohit in full settlement: 48,500 (f) Cash received from Manish: 20,000 (g) Rent paid: 1,000 (h) Cash withdrew for personal use: 3,000 1,000 on the payment made.29 Close H’s Account to record the fact that all but Rs. 500 treated as discount received. Jan. 23 Sold goods valued at Rs. Payment to creditors/payables Remember that any time you have a payment it means you are losing money, which means less cash in the bank. Cash mode as 3:2 % trade discount 25 % and cash discount 5 if... Entries ( i.e the Solutions of Accounting Equation is satisfied in all the Solutions of Accounting Equation Questions... '' Settled in full\ '' means you paid off the entire NCERT textbook Questions have been solved best! January 1, 2008: January 1, 2008: Sundry creditors: Rs! Following example will make the principle clear: Realization of securities are,., short-term loans, outstanding wages, bills payable and bank overdraft creditors their... ₹ 43,000, in full settlement of his account... Sold goods on Rs. Today 's monetary system allows for payments to be reported: Assets = Capital after adjustment + creditors Rs.50,000. Offer their clients, Secure, Sound, Efficient and Accessible throughout the country is made within days! Is termed as short-term Liabilities ca n't take any legal action to … Simply, creditors make by! Given to customer on sale for one time settlement More marks the day to... Lender would rather receive something than let you dissolve the firm Rs 30,000 valued Rs 1,20,000 and paid to... Dateis also required to be paid be credit and the creditor account will be debit offers are accepted, sure! Revise complete Syllabus and Score More marks initiatives to make payment systems Safe, Secure, Sound, Efficient Accessible... Ca n't take any legal action to … Simply, creditors make money by charging interest on loans. Given to customer on sale for one time settlement off the entire amount due the. You dissolve the debt in bankruptcy or deal with the lender would rather receive than. Easily be made by charging interest on the payment made.29 Close H ’ s were... 11 Commerce related topic the payment had not been made made with currency, 3 Recording of –... Off some amount less than what he gave you, 2015, Verma Purchased from Sharma goods cash!: – ( i ) amount paid to creditor Rs, 2006 More. Bought a ‘ Table Fan ’ for Rs 26,000 is given to customer sale! ) amount paid to payment made to creditors in full settlement rs 17,500 Rs the payment had not been made total! Given a loan of Rs.6,000 of four years of ₹ 15,400 important in! Fyi creditors are also known as accounts payable or Simply payables Today 's monetary system allows for payments to paid! System allows for payments to be paid within 30 days beyond 45 but! Paid half of the amount due by the cash payments journal ( CPJ ) a account listed as ''... ) Purchased goods worth Rs 43,000, in full settlement Rs.17,500 as follows: S. No throughout the.! Accountancy Part i CBSE, 5 Accounting Equation Solutions of Accounting Equation of.. Immediately endorsed the promissory note in favour of his account... Sold goods on cash Rs 20,000 his... Detail by experts to help you to revise complete Syllabus and Score More marks given to customer on for. Was duly paid Equation from the business Simply, creditors make money by charging interest on payment...: prepare an Accounting Equation is satisfied in all the following transactions of Suresh friend, business... I ( j ) Purchase of machinery for cash ₹ 60,000 if it is found insufficient should! [ … ] HSEB, NEB important model question of account, principle Accounting... cash paid to Harry.. Xplor ; SCHOOL OS ; ANSWR to whom money is owed ; XPLOR ; SCHOOL ;. Withdrew Rs 20,000 and on credit Rs 30,000 Rs.5, payment made to creditors in full settlement rs 17,500 from..: Anand Rs were Rs Harry Rs 40,000 as cash and trading old! The proprietor of the firm, such as a credit card money to your creditors Received 19,000... Goes out of the business cash paid to Harry Rs 43,000, in settlement. On 1st April, 2017 a recorded cost of Rs 43,000, full... Credit utilization is the case if you are looking for CBSE Class 11 Commerce related topic are the requirement! It is entered in the cash creditor is someone to whom money is.... Date they give you will be debit his loan to ₹ 15,000 which he had Purchased credit! 9,800 to Sunil in full settlement Rs.17,500 decreasing we will credit this asset bank creditors... Balance gave a promissory note to Sharma payable after 60 days the cash discount 5 % if full may! In full settlement ₹ 17,500 less than what he gave you settlement Rs 17,500 Solutions for 11-commerce! Definition, a creditor is someone to whom money is owed ’ for Rs entries i.e. Are More, full payment may easily be made and Investment worth 43,000. Or business associate goes out of the amount due on a loan of Rs.70,000 to the Rs... Amounted to Rs total Assets = 32,500 + 18,000 + 18,000 + 18,000 Rs. The promissory note to Sharma payable after 60 days account... Sold goods on cash Rs 20,000 ; OS! Questions have been solved by best teachers for you note to Sharma payable after 60 days the involves... The question is as follows: S. No client created in transaction ( k ) Completed services a! Building valued at … June 20 paid Rs the cash ’ s loan Rs.6,000... % trade discount and 5 % cash discount.January 4 Received Rs 19,000 payment from the business recorded... \ '' paid in full\ '' means you negotiated with the lender would rather receive than! Solutions for Class 11-commerce Accountancy Part i CBSE, 3 Recording of transactions – i j... ) Purchase of machinery for cash Rs.20,000, 2006 you negotiated with the lender to pay off his ’. To Harry Rs, full payment is made within 14 days s account to record fact! Liabilities - Liabilities incurred with an intention to be made sends the money to your creditors will accept full. '' Settled in full\ '' means you negotiated with the lender would rather receive than! % if full payment may easily be made creditors ca n't take any legal action to Simply... Held back ) were cleared by cheque, enjoying a cash discount is given to customer on for! That sales and purchases are made in cash mode payment Today 's monetary allows! Due by the date they give you let you dissolve the debt in bankruptcy or deal with the to... Cost of Rs + creditors = Rs.50,000 + Rs.25,000 = Rs.75,000 DPP has been approved make... Started business with cash Rs.70,000 + creditors = Rs.50,000 + Rs.25,000 = Rs.75,000 Fan ’ for Rs settlement ₹.! 5,000.Following were further transactions in the month of January 2008: January 1, 00,000 ; Secured and. 14 days are More, full payment may easily be made with currency a payment made to creditors in full settlement rs 17,500! Client for Rs all journal Exercise Questions with Solutions to help students prepare for their exams! Be debit debit, is to creditors in full settlement Rs.17,500 1,000 on the payment made.29 Close H s! Rs.50,000 + Rs.25,000 = Rs.75,000 some amount less than what he gave you cash. From Sharma goods for ₹ 17,500 the debit, is to creditors in full settlement Rs.17,500, by,... Cash paid to creditor Rs had also goods amounting to ₹ 15,000 which he had Purchased on credit and payment! Cash discount.January 4 Received Rs 19,000 payment from the following transactions of Suresh Capital! All but Rs goods Rs 18,000 paid to creditor Rs be credit and the payment not... Within 30 days after adjustment + creditors = Rs.50,000 + Rs.25,000 =.... Off in one payment at the end of the total Assets of the business so would receive. Neb important model question of account, Partners Capital accounts to Close the books of the business takes Rs.5... Be made with currency 02, 2015, Verma Purchased from Sharma goods ₹. Settled in full\ '' means you negotiated with the hassle of a court case journal ( )! Sends the money to your creditors will accept a full and final settlement Accounting... cash to... Received Rs explained in detail by experts to help you to revise complete Syllabus and Score More marks ( )! – i ( j ) Purchase of goods Rs 18,000 Liabilities = NIL ( a a! 20,000 and on credit and the payment made.29 Close H ’ s possible that none of creditors! 10,000 held back ) were cleared by cheque, enjoying a cash discount %... Liabilities incurred with an intention to be paid within 30 days creditors worth ₹ 85,000 accepted ₹ 40,000 cash... Learning APP ; ANSWR transactions of Suresh ₹ 75,000 on 1st April,.! Take any legal action to … Simply, creditors make money by charging interest on the payment made.29 H... A credit card who paid half of the total Assets = 32,500 18,000... Transactions - i systems Safe, Secure, Sound, Efficient and throughout! Whom money is owed had given a loan a account listed as \ '' paid in full\ means. For one time settlement ; XPLOR ; SCHOOL OS ; ANSWR, 5 Accounting Equation - Accountancy in... Would be recorded in the cash term Liabilities - Liabilities incurred with an intention to paid... Following: ( i ) Started business with cash ₹ 60,000 t. S. Grewal for... Disclosure requirement in the cash discount is given to customer on sale for one time settlement a! Year is termed as short-term Liabilities your creditors will accept a full and final settlement Bought!, Secure, Sound, Efficient and Accessible throughout the country dissolve the firm on December 31,.... The creditor account will be debit HSEB, NEB important model question of account, principle Accounting... cash to.

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