What is the journal entry for good loss by fire? claim
receive from insurance company? after claim received the
loss occoured entry?
Answers were Sorted based on User's Feedback
Answer / tejeshwar khandelwal
Insurance Company's Claim A/c Dr.8,000
Loss by fire A/c Dr.2,000
To Goods/Stock A/c 10,000
(Being goods lost by fire and insurance company's claim
|Is This Answer Correct ?||79 Yes||32 No|
Answer / sowmay jain
loss by fire a/c. dr.
To trading a/c
(being purchase account decreased)
insurance claim a/c. dr.
To loss by firea/c
(being ins. claim lodged and loss by fire account nulified)
Bank a/c. dr.
P&L a/c dr.(shortfall in claim settlement)
To insurance ckaim a/c
(being claim settled)
perfect entries for insurance claim.
|Is This Answer Correct ?||45 Yes||18 No|
Answer / om singh
Loss by fire a/c Dr.
Insurance company A/c Dr.
(being goods loss bye fire and insurence company accepted loss)
|Is This Answer Correct ?||16 Yes||10 No|
Answer / satya prakash mani tripathi
Lost by fire a/c Dr
Insurance claim a/c. Dr
To. Purchase a/c
|Is This Answer Correct ?||4 Yes||3 No|
Answer / sharma
1)Loss by fire A/c Dr
To purchase A/c
2)Insurance claim A/c Dr
P/L A/c Dr
To loss by fire A/c
3) Bank/cash A/c. Dr
To insurance claim A/c
|Is This Answer Correct ?||0 Yes||0 No|
Answer / padmanava padhi
Loss of Stock a/c dr
To Trading A/c
P/L a/c dr
To Loss of stock a/c
we have to pass two entries in this case.
|Is This Answer Correct ?||32 Yes||35 No|
Answer / mohammad malik
goods lost by fire DR.
TO purchase a/c
TO insurance company
|Is This Answer Correct ?||11 Yes||14 No|
Answer / sumitra.raghavan
goods lost on fire A/c dr
to trading a/c
to goods lost
to insurance claim
|Is This Answer Correct ?||15 Yes||21 No|
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