On 1 January 2011, Vincent Ltd. acquired the business of Sagar taking all the assets with the exception of book debts which it undertook to collect on behalf of Sagar and out of the proceeds pay the liabilities owning at the date of transfer. At that date, the book debts amounted to Rs.2,70,000 and creditors Rs.1,85,000. The company agreed to do the job for vendors on 3% commission on amounts collected and 1% on amount paid. The company could not collect Rs.14,000 from the existing debtors and allowed Rs.1,500 as cash discount to the remaining debtors. The company could collect the time-barred debt (which was written off as bad by the vendors) of Rs.10,000. The company paid Rs.1,75,000 to creditors in satisfaction of total amount due. However, the company was forced to meet a contingent liability on bills discounted by the vendors of Rs.15,000. Give journal entries (including that of cash) in the books of Vincent Ltd.
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