accounting effect for closing stock goods destroyed by fire
and claim is given by insurance co
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Answer Posted / alok
In this question it is not clear whether the co. gets the
claim or not. it only says that claim is given.
since no claim money is received yet, it should be under
conservative convention treated as loss and respective entry
needs to made. i.e.
Loss by fine a/c Dr
to purchase
and loss by fire account should be Debited in Trading Account.
If the question gives a clue that claim money is received
then it should be treated as
Bank account Dr
Loss by fir a/c Dr (uncovered part)
to purchase
(appropriate narration should be made here)
| Is This Answer Correct ? | 1 Yes | 7 No |
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