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goods lost by fire rs10000 & insurance claim received for 
the same rs8000.what are the effect of this entry in final 
 Question Submitted By :: Accounting-General
I also faced this Question!!     Answer Posted By  
# 1
trial balance cr side goods lostt by fire 10000.
profit and los account dr side loss on goods lost by fire
balance sheets asset side insurance claim 8000.
Is This Answer Correct ?    44 Yes 8 No
Pravin Mishra
# 2
effect 1 }trading a/c cr . by goods lost by faire RS=10,000.
2) p& l A/C Dr . to loss by fire Rs=2000.
3} Balansheet assitside : insurance claim received
Is This Answer Correct ?    21 Yes 1 No
Bandu Deshmukh
# 3
Goods lost by fire a/c dr
To Purchases

P&L a/c dr
To Goods lost by fire a/c


Insurance claim received a/c
To P&L a/c
Is This Answer Correct ?    25 Yes 7 No
# 4
Loss by fire a/c Dr 10000
To Purchases a/c 10000

Insurance claim received a/c Dr 8000
Profit and loss a/c Dr 2000
To Loss by fire a/c 10000

And if cash received...
Cash a/c Dr 8000
To Insurance claim a/c 8000

and i am right....:)
Is This Answer Correct ?    9 Yes 1 No
# 5
cost of goods lost Dr 10000
to trading account 10000

insurance claim ac Dr 8000
To loss of goods 8000

p& l ac Dr 2000
To loss of goods 2000

cash ac Dr 8000
To ins. claim 8000
Is This Answer Correct ?    6 Yes 2 No
# 6
Profit & loss A/c.........dr 2000
Insurance claim A/c ......dr 8000
To Purchase A/c. 10000

Bank A/c ................dr 8000
To Insurance Claim 8000
Is This Answer Correct ?    2 Yes 0 No
# 7
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

To insurance receivable
Is This Answer Correct ?    0 Yes 0 No
Ca Uresh Purwar 9899398197
# 8
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 ?    0 Yes 2 No
Mahesh K Gopalakrishnan
# 9
Profit & Loss Account.......Dr Rs.3000
Insurance Claim Account ......Dr Rs.7000
To Trading Account Rs.10000
Is This Answer Correct ?    1 Yes 4 No
Shiuly Begam
# 10
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 ?    4 Yes 10 No

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