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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 / vipul verma
Loss by fire A/C Dr
To Purchase A/C
Profit and Loss A/C Dr
To Loss by fire A/C
The above two entries will be passed.
| Is This Answer Correct ? | 382 Yes | 45 No |
Answer / puneet sharma
Loss by fire (Ex;Rs.10,000) reducing our purchases of goods, entry will be:
Loss by fire a/c Dr. 10,000 (debit the exp)
To Purchase a/c 10,000
Now, this loss needs to be set off in P&L:
P&L a/c Dr. 10,000
to Loss by fire a/c 10,000
In case, there is insurance company pays Rs. 6000, then entry would be:
Cash a/c Dr. 6,000
To Ins. comp a/c 6,000
Now, Insurance comp. accounts need to be set off against P&L and this would show up in credit side of P&L account.
Insurance comp a/c Dr. 6,000
To P&L a/c 6,000
So, the ultimate loss was Rs.4,000 (10,000-6,000)
| Is This Answer Correct ? | 162 Yes | 18 No |
Answer / sanjay kumar rai
lost by fire A/c Dr.
To purchase A/c
| Is This Answer Correct ? | 71 Yes | 23 No |
Answer / rahul rawat
loss by fire a/c Dr.
TO purchase a/c
insurance co.a/c Dr.
To loss by fire a/c
Banka/c dR.
P&L a/c Dr.
To insurance co.a/c Dr.
| Is This Answer Correct ? | 45 Yes | 14 No |
Answer / venkatesh
Profit & Loss A/c Dr
To Loss of goods by fire A/c
(Being goods lost by fire)
| Is This Answer Correct ? | 43 Yes | 31 No |
Answer / kewal
Goods lost by fire a/c 1000
insurance a/c 2000
To purchase/Goods a/c 3000
( first of all loss debit, insurance or insurance receive is like cash receive so debit n purchase is definately credit.
| Is This Answer Correct ? | 7 Yes | 2 No |
Answer / dipayan dey
Three entry should be made for this entry.
| Is This Answer Correct ? | 22 Yes | 20 No |
Answer / atharva ruplag
the journal entry will be
Profit and loss A/c............Dr
To Trading A/c / Purchases A/c
Reference from 12 std HSC Book-keeping and Accountancy Text book
2 effects in final accounts
1st effect - P & L A/c - Debit side
2nd effect - Trading account Credit side
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / divyagirantla1995@gmail.com
Loss on fair account dr
to purchage account
| Is This Answer Correct ? | 1 Yes | 1 No |
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