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Q.Goods worth Rs.5000 destroyed in fire? Insurance claim
received RS.4000 for the goods lost? Loss of Rs.1000 pass
the entries in the books of accounts?

Question Posted / meenaxi kumari

Answers were Sorted based on User's Feedback



Q.Goods worth Rs.5000 destroyed in fire? Insurance claim received RS.4000 for the goods lost? Loss..

Answer / sarvesh

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

Is This Answer Correct ?    3 Yes 12 No

Q.Goods worth Rs.5000 destroyed in fire? Insurance claim received RS.4000 for the goods lost? Loss..

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)

Is This Answer Correct ?    3 Yes 12 No

Q.Goods worth Rs.5000 destroyed in fire? Insurance claim received RS.4000 for the goods lost? Loss..

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

Is This Answer Correct ?    5 Yes 14 No

Q.Goods worth Rs.5000 destroyed in fire? Insurance claim received RS.4000 for the goods lost? Loss..

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)

Is This Answer Correct ?    1 Yes 10 No

Q.Goods worth Rs.5000 destroyed in fire? Insurance claim received RS.4000 for the goods lost? Loss..

Answer / syedmazhar

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

Is This Answer Correct ?    3 Yes 19 No

Q.Goods worth Rs.5000 destroyed in fire? Insurance claim received RS.4000 for the goods lost? Loss..

Answer / mukesh

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

Is This Answer Correct ?    1 Yes 30 No

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