Mac Purchased on 15th Jan 12000/-
30th June Machinery damaged due to Fire Accident
31st Dec received the Insurance Premium 13000/-.
Pass the Journal Entry for all the above three
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Answer Posted / subramanyam
First entry
Machinary A\c
To Cash\bank\x (x means credit purchase)
Second entry
Insurance claim A\c 13000
To Machinary A\c 12000
To P&L A\c 1000
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