goods lost by fire rs10000 & insurance claim received for
the same rs8000.what are the effect of this entry in final
accounts?
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Answer Posted / bandu deshmukh
effect 1 }trading a/c cr . by goods lost by faire RS=10,000.
2) p& l A/C Dr . to loss by fire Rs=2000.
3} Balansheet assitside : insurance claim received
Rs=8000
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