What will be the journal entry for good lost by fire. How
many entries will be passed in the books of account for the
same.
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Answer / deepak dileep
If no insurance
The entries are
a) Goods lossed by fire a/c. Dr
Trading a/c
b)Goods lossed by fire a/c Dr
P/l a/c
In case of partial insurance
a.Goods lossed by fire a/c Dr
Trading a/c
b. P/L a/c. Dr Insurance company (amount of claim)Dr
Goods lossed by fire a/c
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / praveenkumar oswal
when loss goods by fire
1)loss by fire a/c .......dr 10000 -
to purchases a/c - 10000
2) Insurance company a/c .....dr 7000
to Loss by fire - 7000
3) bank a/c .............dr 7000 -
to insurance company - 7000
4) p&l a/c .....dr 3000 -
to loss by fire - 3000
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / vishal parkhi
Loss by fire A/c Dr. 4000
Insurance claim A/c Dr. 6000
To goods destroyed by fire A/c 10,000
( loss is expenses =dr .insurance claim receive means cash receive . Cash comes in business = dr.
goods goes out into the business =cr.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / xyz
Lost by fire A/C..............dr.
To Purchase A/C................cr.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / dipayan dey
Three entry should be made for this entry.
| Is This Answer Correct ? | 9 Yes | 10 No |
Answer / sonu
if goods are insured then,
1.one entry made in trading a/c credit side
2.second entry made in balance sheet asset side for
insurance covered amount.
3.third entry should be made in P&L a/c debit side.
e.g goods lost by fire rs.3000. insured goods worth rs 2000.
then,
good lost by fire on trading account cr. side will be rs 1000
asset side balance shit goods insured rs.2000
on the P&L a/c debit side it will be rs.3000
| Is This Answer Correct ? | 12 Yes | 13 No |
Answer / l.n.dewangan
Dr Manufacturing & Trading a/c
Cr Goods lost by fire (Stock)a/c
| Is This Answer Correct ? | 4 Yes | 5 No |
Answer / venkatesh
Loss of goods a/c Dr
To Goods a/c
(Being goods lost in fire)
There shall be only one entry passed for this transaction.
| Is This Answer Correct ? | 11 Yes | 12 No |
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