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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?
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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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