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 ?    153 Yes 44 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 ?    124 Yes 92 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 19 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 ?    46 Yes 45 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 11 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 14 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

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

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

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

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

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

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

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