goods lost by fire rs10000 & insurance claim received for
the same rs8000.what are the effect of this entry in final
accounts?

Answers were Sorted based on User's Feedback



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

Answer / pravin mishra

trial balance cr side goods lostt by fire 10000.
profit and los account dr side loss on goods lost by fire
2000.
balance sheets asset side insurance claim 8000.

Is This Answer Correct ?    151 Yes 37 No

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

Answer / 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

Is This Answer Correct ?    123 Yes 14 No

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

Answer / 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 ?    95 Yes 25 No

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

Answer / suryakiran

Goods lost by fire a/c dr
To Purchases

P&L a/c dr
To Goods lost by fire a/c

AND

Insurance claim received a/c
To P&L a/c

Is This Answer Correct ?    42 Yes 24 No

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

Answer / tarun

cost of goods lost Dr 10000
to trading account 10000

insurance claim ac Dr 8000
To loss of goods 8000

p& l ac Dr 2000
To loss of goods 2000

cash ac Dr 8000
To ins. claim 8000

Is This Answer Correct ?    19 Yes 5 No

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

Answer / khushal

Profit & loss A/c.........dr 2000
Insurance claim A/c ......dr 8000
To Purchase A/c. 10000

Bank A/c ................dr 8000
To Insurance Claim 8000

Is This Answer Correct ?    16 Yes 5 No

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

Answer / john

Particulars | Debit Amount | Credit Amount |
| | |
Loss by Fire A/c Dr. 10000
To Purchases A/c 10000

Insurance Co. Dr. 10000
To Loss by Fire A/c 10000

Bank A/c Dr. 8000
Profit and Loss A/c Dr. 2000
To Insurance Co. 10000

Is This Answer Correct ?    11 Yes 1 No

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

Answer / keshav gc

purchases ......
less:good loss by fire 10000.



...p/L alc dr 2000...




balance sheet.... assets 8000

Is This Answer Correct ?    4 Yes 2 No

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

Answer / ramzan kuldunkar

Trial balance credit side goods lost by fire 10000.
profit and los account debit side loss on goods lost by fire
2000.
balance sheets asset side insurance claim 8000.

Is This Answer Correct ?    0 Yes 0 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 2 No

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