What will be the journal entry for good lost by fire. How
many entries will be passed in the books of account for the
same.
Answer Posted / praveenkumar oswal
when loss goods by fire
1)loss by fire a/c .......dr 10000 -
to purchases a/c - 10000
2) Insurance company a/c .....dr 7000
to Loss by fire - 7000
3) bank a/c .............dr 7000 -
to insurance company - 7000
4) p&l a/c .....dr 3000 -
to loss by fire - 3000
Is This Answer Correct ? | 0 Yes | 0 No |
Post New Answer View All Answers
Do you know what are trade bills?
Real,Nominal or Personal. Where do reserves, general reserve and Specific Reserve Go? and why?
Explain me what is general ledger account?
I got a transaction of Online Recruitment Charges, So What is the Ledger to Create?
what are voucher entries for EPF treatment in tally
Describe the proof of cash type of bank reconciliation?
Recall a time when you faced a dissatisfied and aggressive customer. How did you handle it?
Explain me some of the examples for liability accounts?
What are the functions of manger -accounts and manager-finance?
Plant and machinery destroyed for 50000
Horizontal balance sheet versus Vertical balance sheet
Cheque rs 1400 received from Charles in settlement of a debit of rs 1500 returned dishonored
What is compound journal entry?
What is accounting for plant assets?
In the absence of any provision in the partnership agreement, profits and losses are shared (a) In the ratio of capitals. (b) Equally. (c) In the ratio of loans given by them to the partnership firm. (d) None of the above.