goods lost by fire rs10000 & insurance claim received for
the same rs8000.what are the effect of this entry in final
accounts?
- 17 Answers
- 73675 Views
- Amma Enterprises, BHU, HCL, Syntel, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / ca uresh purwar 9899398197
Abnormal lose of goods by fire
To Purchase
If goods are insured and claim has been made then the amount of claim as given above
Insurance receivable against lost of goods by fire
To insurance received
bank
To insurance receivable
| Is This Answer Correct ? | 2 Yes | 5 No |
Answer / anil ray
when goods lost on fire
Goods lost a/c dr
To purchase a/c
When insurance co. Admit claim
Proft/loss a/c dr
Insurance co. A/c dr
To purchase a/c dr
When full claim received
Bank a/c dr
To purchase a/c
| Is This Answer Correct ? | 1 Yes | 4 No |
Answer / adi
Goods are less by rs10000 and at CR side of p/l acc is increase by 8000
| Is This Answer Correct ? | 0 Yes | 3 No |
Answer / vinod yallappa vadar
If Goods destroyed fire and insurance claim will not receive then entry will be shown below
Loss by Fire A/c ..................Dr. 10000
To Purchase A/c 10000
(Because when goods destroyed by fire then our purchase quantity reduced therefore we should make above journal entry)
If we will be received Insurance claim for destroyed goods then entry will be as shown below
Insurance Claim A/c Dr. 8000
Loss by Fire A/c Dr. 2000
To Purchase A/c 10000
and if insurance claim received
then entry will be as shown below
Cash/ Bank A/c Dr. 8000
To Insurance Claim A/c 8000
| Is This Answer Correct ? | 0 Yes | 3 No |
Answer / shiuly begam
Profit & Loss Account.......Dr Rs.3000
Insurance Claim Account ......Dr Rs.7000
To Trading Account Rs.10000
| Is This Answer Correct ? | 2 Yes | 8 No |
Answer / mahesh k gopalakrishnan
Goods Lost by Fire a/c Dr. 10,0000
To Trading a/c. 10,0000
P& L a/c Dr. 10,000
To Goods Lost by Fire 10,000
Cash a/c Dr. 8,000
To Insurance Claim a/c 8,000
Insurance Claim a/c Dr. 8,000
To P& L a/c. 8,000
| Is This Answer Correct ? | 1 Yes | 7 No |
Answer / ramesh
When goods lost
P n L A/c Dr 10000
to Purchases A/c 10000
When cash recived
CAsh a/c dr 8000
to P n L ac 8000
The net effect is 2000 loss in p n l. hope this answer is correct
| Is This Answer Correct ? | 5 Yes | 13 No |
Does anybody know anything about BirlaSoft? I got a job offer, they sent me a contract to sign and return, but thank God they didn't ask for any money! But, they said they would send me a check in the mail. And as my first "task" I would have to use that check to order a bunch of accounting software, and I would need to purchase this software ONLY from the vendors that THEY provide. Is this a scam to just get money? I'm wondering if they "own" the vendor they "work" with and launder money that way. I asked the person who was getting my information, as far as my name and address to send the check to, Why would I have to buy software to install in my home computer anyway? Couldn't they just send me a link for the software to download? I'm afraid of the check being fake. Because, if I deposit the check into my checking account and it turns out to be fake, then I'll owe the bank all that money! Hope to hear from someone soon. Thanks.
stock lost by fire of rs-230 and insurance company denied to give insurance claim,journal entry
exchanged old furniture for new,the value of old furniture was rs 350 while the vaue of new furniture was rs 900 balance paid in cash what will be the journal entry according to you
2 Answers Chartered Accountant,
what are the types of leverage ratios?
What is the equation for acid-test ratio in accounting?
what is vendor setup?why it is required in accounts payable process?
What are the functions of a General Ledger? What accounts are usually maintained in it and from what subsidiary books are they derived?
what is the difference between shares and debentures
what is the difference between financial accouning and financial management
Suppose you buy a one-year government bond that has a maturity value of Rs.1000. The market interest rate is 8 per cent. (a) How much will you pay for the bond? (b) If you purchase the bond for Rs.904.98, what interest rate will you earn from this investment?
what is the difference between an invoice and bill?
Mention what are the rules for debit and credit for different accounts to increase the amount in your business accounts?
Audit 
