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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goods lost by fire rs10000 & insurance claim received for the same rs8000.what are the effect ..

Answer / ca uresh purwar 9899398197

Abnormal lose of goods by fire
To Purchase

If goods are insured and claim has been made then the amount of claim as given above

Insurance receivable against lost of goods by fire
To insurance received

bank
To insurance receivable

Is This Answer Correct ?    2 Yes 5 No

goods lost by fire rs10000 & insurance claim received for the same rs8000.what are the effect ..

Answer / anil ray

when goods lost on fire
Goods lost a/c dr
To purchase a/c
When insurance co. Admit claim
Proft/loss a/c dr
Insurance co. A/c dr
To purchase a/c dr
When full claim received
Bank a/c dr
To purchase a/c

Is This Answer Correct ?    1 Yes 4 No

goods lost by fire rs10000 & insurance claim received for the same rs8000.what are the effect ..

Answer / adi

Goods are less by rs10000 and at CR side of p/l acc is increase by 8000

Is This Answer Correct ?    0 Yes 3 No

goods lost by fire rs10000 & insurance claim received for the same rs8000.what are the effect ..

Answer / vinod yallappa vadar

If Goods destroyed fire and insurance claim will not receive then entry will be shown below

Loss by Fire A/c ..................Dr. 10000
To Purchase A/c 10000
(Because when goods destroyed by fire then our purchase quantity reduced therefore we should make above journal entry)

If we will be received Insurance claim for destroyed goods then entry will be as shown below

Insurance Claim A/c Dr. 8000
Loss by Fire A/c Dr. 2000
To Purchase A/c 10000

and if insurance claim received
then entry will be as shown below

Cash/ Bank A/c Dr. 8000
To Insurance Claim A/c 8000

Is This Answer Correct ?    0 Yes 3 No

goods lost by fire rs10000 & insurance claim received for the same rs8000.what are the effect ..

Answer / shiuly begam

Profit & Loss Account.......Dr Rs.3000
Insurance Claim Account ......Dr Rs.7000
To Trading Account Rs.10000

Is This Answer Correct ?    2 Yes 8 No

goods lost by fire rs10000 & insurance claim received for the same rs8000.what are the effect ..

Answer / mahesh k gopalakrishnan

Goods Lost by Fire a/c Dr. 10,0000
To Trading a/c. 10,0000

P& L a/c Dr. 10,000
To Goods Lost by Fire 10,000

Cash a/c Dr. 8,000
To Insurance Claim a/c 8,000

Insurance Claim a/c Dr. 8,000
To P& L a/c. 8,000

Is This Answer Correct ?    1 Yes 7 No

goods lost by fire rs10000 & insurance claim received for the same rs8000.what are the effect ..

Answer / ramesh

When goods lost

P n L A/c Dr 10000
to Purchases A/c 10000

When cash recived

CAsh a/c dr 8000

to P n L ac 8000

The net effect is 2000 loss in p n l. hope this answer is correct

Is This Answer Correct ?    5 Yes 13 No

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