Answer / sarvesh

Profit & loss a/c Dr
To purchase a/c

Answer / abhyuday priyadarshi

bank a/c Dr. (amount received for claim admitted)
profit and loss a/c Dr. (claim not admitted)
to Insurance Company a/c
(being insurance claim partially admitted and received)

Answer / samir ladhani

Let me try..

When we book loss & put claim to insurance company,

Insurance claim receivable a/c. Dr 5000
to stock. 5000

when claim is received....

Bank a/c Dr 4000
Loss by fire a/c Dr 1000
to insurance claim receivable
5000

If u observe, net effect will be,

Bank a/c Dr. 4000
Loss by fire a/c Dr. 1000
to stock. 5000

Answer / mahesh

Good destroyed by fire a/c dr.5000
(Under trading a/c)
To insurance claim a/c 4000
(Under current assets)
To goods loss on fire a/c 1000
(Under indirect expenses)

Answer / syedmazhar

Inventory A/C Dr 5000
To Insurance clamied receved A/c 4000
To Loss of inentory A/C 1000
---------------------------------------------

Answer / mukesh

Bank/cash A/c Dr 4000
Drawings A/c Dr 1000
To goods A/c Cr. 5000

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