mr ram helped a friend by encashing a cheque for rs 1000 which was Dishonoured the friend has so far repaid only rs 400 what are the effect of this in bank account and his friend account
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Please suggest me journal entry of following
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Your bank is credited with 400₹ and your friends account is debited with 400₹. Your cheque bounced back and so no cash is credited into bank account. Next, your receivables is outstanding by 600₹.
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