Karan Limited purchases the business of Mr. Karthick. Karan Limited did not take over the debtors and
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Karan Limited purchases the business of Mr. Karthick. Karan Limited did not take over the debtors and creditors of Mr. Karthick, amounting to ₹25,000 and ₹15,000 respectively, but it promised to collect from debtors and pay to creditors. Karan Limited collected all debtors at a discount of ₹1,000 and a bad debt of ₹250 and paid all creditors at a discount of ₹300. Show the entries, assuming that same set of books is continued.
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To record the collection from debtors Debit Debtors 25000 Credit Discount Allowed 1000 Credi...View the full answer
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