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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?

Answers were Sorted based on User's Feedback



Q.Goods worth Rs.5000 destroyed in fire? Insurance claim received RS.4000 for the goods lost? Loss..

Answer / krishan murari

1. Loss by fire A/c ...Dr. 5000
To Purchases A/c. 5000

2. Insurance Co. ...Dr. 5000
To Loss by fire A/c. 5000

3. Bank A/c. ...Dr. 4000
Profit and Loss A/c...Dr. 1000
To Insurance Co. 5000

Is This Answer Correct ?    132 Yes 40 No

Q.Goods worth Rs.5000 destroyed in fire? Insurance claim received RS.4000 for the goods lost? Loss..

Answer / himanshu singhal

1) GOODS LOSS BY FIRE A\C DR. 5000
TO GOODS A\C 5000

2) CASH A\C DR. 4000
LOSS A\C DR. 1000
TO GOODS A\C 5000

Is This Answer Correct ?    122 Yes 83 No

Q.Goods worth Rs.5000 destroyed in fire? Insurance claim received RS.4000 for the goods lost? Loss..

Answer / animesh chaturvedi

Loss by fire A/c Dr. 5000
To loss A/c cr. 1000
To insurance A/c. Cr. 4000

Is This Answer Correct ?    21 Yes 13 No

Q.Goods worth Rs.5000 destroyed in fire? Insurance claim received RS.4000 for the goods lost? Loss..

Answer / sonu

Loss by fire(Goods)A/C Dr. 5,000
To Goods A/C 5,000

(Being goods lost by fire)

P/L A/C Dr. 5,000
To Loss by fire(Goods)A/C 5,000

(Being loss t/fd to p/l a/c)

Bank A/c Dr. 4,000
To Insurance claim A/C 4,000
(Being insurance claim received)

Insurance Claim A/C Dr. 4,000
To P/L A/C 4,000
(Being insurance claim t/fd to P/L A/C)

Is This Answer Correct ?    43 Yes 40 No

Q.Goods worth Rs.5000 destroyed in fire? Insurance claim received RS.4000 for the goods lost? Loss..

Answer / vishal parkhi

Insurance claim a/c dr 4000
Loss by fire a/c dr 1000
To goods destroyed by fire a/c 5000

Is This Answer Correct ?    5 Yes 10 No

Q.Goods worth Rs.5000 destroyed in fire? Insurance claim received RS.4000 for the goods lost? Loss..

Answer / ritu

P/l a/c debit 1000
Insurance claim a/c debit 4000
To goods lost by fire a/c 5000

Is This Answer Correct ?    6 Yes 13 No

Q.Goods worth Rs.5000 destroyed in fire? Insurance claim received RS.4000 for the goods lost? Loss..

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 11 No

Q.Goods worth Rs.5000 destroyed in fire? Insurance claim received RS.4000 for the goods lost? Loss..

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 13 No

Q.Goods worth Rs.5000 destroyed in fire? Insurance claim received RS.4000 for the goods lost? Loss..

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 9 No

Q.Goods worth Rs.5000 destroyed in fire? Insurance claim received RS.4000 for the goods lost? Loss..

Answer / mahendra

Loss by fire a/c dr. 5000
To trading a/c 5000

Insurance co. Dr. 4000
Profit and loss a/c dr.1000
To loss by fire a/c. 5000

Is This Answer Correct ?    1 Yes 9 No

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