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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 / 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 |
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