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 / shaishav
Loss by fire a/c Dr 10000
To Purchases a/c 10000
Insurance claim received a/c Dr 8000
Profit and loss a/c Dr 2000
To Loss by fire a/c 10000
And if cash received...
Cash a/c Dr 8000
To Insurance claim a/c 8000
and i am right....:)
| Is This Answer Correct ? | 107 Yes | 28 No |
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