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Received RS 9750 from saurav in full settlement of his account for RD 10 000?
Most Upvoted Answer
Received RS 9750 from saurav in full settlement of his account for RD ...
Explanation of the Transaction:
- Transaction Type: The transaction is a settlement of an account for an RD of 10,000.
- Settlement Amount: Saurav paid RS 9750 to settle the account.
Understanding the Transaction:
When someone has an outstanding balance on an account, they owe money to the account holder. In this case, Saurav had an RD account with a balance of 10,000 rupees that he needed to settle. To do this, he paid 9750 rupees to the account holder. This means that he still owes 1250 rupees on the account.
It is important to note that when settling an account, the account holder may accept a partial payment as full settlement. This is typically done if the account holder wants to avoid additional collection efforts or if the account holder believes that they may not be able to collect the full amount owed. In this case, the account holder accepted Saurav's payment of 9750 rupees as full settlement of his account, even though the balance was 10,000 rupees.
Conclusion:
In conclusion, Saurav settled his RD account by paying RS 9750 to the account holder. This payment was accepted as full settlement of the account, even though the balance was 10,000 rupees. This means that Saurav no longer owes any more money on the account.
Community Answer
Received RS 9750 from saurav in full settlement of his account for RD ...
Cash a/C dr. 9750
dis. all. a/C. dr. 250
to saurav. 10000
dis. all. a/C. dr. 250
to saurav. 10000
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Received RS 9750 from saurav in full settlement of his account for RD 10 000?
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Received RS 9750 from saurav in full settlement of his account for RD 10 000? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Received RS 9750 from saurav in full settlement of his account for RD 10 000? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Received RS 9750 from saurav in full settlement of his account for RD 10 000?.
Received RS 9750 from saurav in full settlement of his account for RD 10 000? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Received RS 9750 from saurav in full settlement of his account for RD 10 000? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Received RS 9750 from saurav in full settlement of his account for RD 10 000?.
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