On January 1, 2009 M.Mallet owes the sum of $ 4, 000,000.Gull owes the sum of $2,000,000. They both declare bankruptcy on June 1, 2009.Mallet is able...

On January 1, 2009 M.Mallet owes the sum of $ 4, 000,000. G.Gull owes the sum of $2,000,000. They both declare bankruptcy on June 1, 2009. M.Mallet is able to pay 30% of what he owes and G.Gull 40%. B.Banky has owed the sum of $500,000 for a long time and this is written off on September 20, 2009. On October 12, 2009 B.Banky pays off his account in cash. On December 15, 2009 a cheque is received from M.Mallet’s trustee in bankruptcy covering the amount written off his account.