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.
Answers were Sorted based on User's Feedback
Answer / vipul verma
Loss by fire A/C Dr
To Purchase A/C
Profit and Loss A/C Dr
To Loss by fire A/C
The above two entries will be passed.
Is This Answer Correct ? | 382 Yes | 45 No |
Answer / puneet sharma
Loss by fire (Ex;Rs.10,000) reducing our purchases of goods, entry will be:
Loss by fire a/c Dr. 10,000 (debit the exp)
To Purchase a/c 10,000
Now, this loss needs to be set off in P&L:
P&L a/c Dr. 10,000
to Loss by fire a/c 10,000
In case, there is insurance company pays Rs. 6000, then entry would be:
Cash a/c Dr. 6,000
To Ins. comp a/c 6,000
Now, Insurance comp. accounts need to be set off against P&L and this would show up in credit side of P&L account.
Insurance comp a/c Dr. 6,000
To P&L a/c 6,000
So, the ultimate loss was Rs.4,000 (10,000-6,000)
Is This Answer Correct ? | 162 Yes | 18 No |
Answer / sanjay kumar rai
lost by fire A/c Dr.
To purchase A/c
Is This Answer Correct ? | 71 Yes | 23 No |
Answer / rahul rawat
loss by fire a/c Dr.
TO purchase a/c
insurance co.a/c Dr.
To loss by fire a/c
Banka/c dR.
P&L a/c Dr.
To insurance co.a/c Dr.
Is This Answer Correct ? | 45 Yes | 14 No |
Answer / venkatesh
Profit & Loss A/c Dr
To Loss of goods by fire A/c
(Being goods lost by fire)
Is This Answer Correct ? | 43 Yes | 31 No |
Answer / kewal
Goods lost by fire a/c 1000
insurance a/c 2000
To purchase/Goods a/c 3000
( first of all loss debit, insurance or insurance receive is like cash receive so debit n purchase is definately credit.
Is This Answer Correct ? | 7 Yes | 2 No |
Answer / dipayan dey
Three entry should be made for this entry.
Is This Answer Correct ? | 22 Yes | 20 No |
Answer / atharva ruplag
the journal entry will be
Profit and loss A/c............Dr
To Trading A/c / Purchases A/c
Reference from 12 std HSC Book-keeping and Accountancy Text book
2 effects in final accounts
1st effect - P & L A/c - Debit side
2nd effect - Trading account Credit side
Is This Answer Correct ? | 0 Yes | 0 No |
Answer / divyagirantla1995@gmail.com
Loss on fair account dr
to purchage account
Is This Answer Correct ? | 1 Yes | 1 No |
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