Q.Goods worth Rs.5000 destroyed in fire? Insurance claim
received RS.4000 for the goods lost? Loss of Rs.1000 pass
the entries in the books of accounts?
Answers were Sorted based on User's Feedback
Answer / abhyuday priyadarshi
bank a/c Dr. (amount received for claim admitted)
profit and loss a/c Dr. (claim not admitted)
to Insurance Company a/c
(being insurance claim partially admitted and received)
Is This Answer Correct ? | 3 Yes | 12 No |
Answer / samir ladhani
Let me try..
When we book loss & put claim to insurance company,
Insurance claim receivable a/c. Dr 5000
to stock. 5000
when claim is received....
Bank a/c Dr 4000
Loss by fire a/c Dr 1000
to insurance claim receivable
5000
If u observe, net effect will be,
Bank a/c Dr. 4000
Loss by fire a/c Dr. 1000
to stock. 5000
Is This Answer Correct ? | 5 Yes | 14 No |
Answer / mahesh
Good destroyed by fire a/c dr.5000
(Under trading a/c)
To insurance claim a/c 4000
(Under current assets)
To goods loss on fire a/c 1000
(Under indirect expenses)
Is This Answer Correct ? | 1 Yes | 10 No |
Inventory A/C Dr 5000
To Insurance clamied receved A/c 4000
To Loss of inentory A/C 1000
---------------------------------------------
Is This Answer Correct ? | 3 Yes | 19 No |
Answer / mukesh
Bank/cash A/c Dr 4000
Drawings A/c Dr 1000
To goods A/c Cr. 5000
Is This Answer Correct ? | 1 Yes | 30 No |
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