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 / 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 ? | 153 Yes | 44 No |
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 ? | 124 Yes | 92 No |
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 | 19 No |
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 ? | 46 Yes | 45 No |
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 | 11 No |
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 | 14 No |
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 |
Answer / s k m
p&l a/c dr.1000
cash/bank a/c dr.4000
To goods a/c cr. 5000
| Is This Answer Correct ? | 5 Yes | 14 No |
Answer / ranjit
Loss by theft Account Dr 1000
Cash/Bank A/c Dr 4000
To Purchase Account 5000
| Is This Answer Correct ? | 3 Yes | 12 No |
Answer / nandish
Goods destroyed by fire a/c Dr 5000
To inventory a/c Cr 5000
(Being goods destroyed by fire)
Bank a/c Dr 4000
Loss on goods destroyed by fire Dr 1000
To goods destroyed by fire Cr 5000
Being insurence claim received
| Is This Answer Correct ? | 13 Yes | 22 No |
wat is the golden rule of accounting
12 Answers Capital IQ, Reliance,
what points we can tell in the self introduction round?
What is the definition of accounting?
What accounts are to be debited and credited in this case o
WHAT IS THE PORTFOLIO MANAGMENT SCHEMES ? ITS WHICH TYPES INCOME ?
What is difference between accounts and finance?
How do you calculate GRATUITY and how much its exempted under taxation?
How to do accounting entries in Accounts Payable
What is the meaning of Decommissioning liability, explain in which serious we will use?
What is the treatment of claim settled by insurance company but still receivable in profit and loss account
Proprietor paid amount of Rs. 11060/- for car insurance. Pass Journal.
hello friends i like to know journal entry for one loan transaction ie if you purchase a car for EMI with initial payment how to make first entry & monthly entry any thing is there? pls reply to me.