Goods lost by fire rs.5000 it was partly insured insurance company admit the cla

Goods lost by fire rs.5000 it was partly insured insurance company admit the claim for 3500 what will be the journal entry

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Goods lost by fire rs.5000 it was partly insured insurance company admit the claim for 3500 what wil..

Answer / navin kumar

Goods Loss by fire A/C Dr 5000
To Trading/Purchases 5000
(Being good lost by fire)

Insurance claim A/C Dr 3500
To Goods Loss by fire A/C 3500

Profit and loos A/C Dr 1500
To Goods Loss by fire A/C 1500

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Goods lost by fire rs.5000 it was partly insured insurance company admit the claim for 3500 what wil..

Answer / karthick

Insurance received 3500 Dr
Fire Loss 1500 Dr
To Goods Destroyed 5000 Cr

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Goods lost by fire rs.5000 it was partly insured insurance company admit the claim for 3500 what wil..

Answer / s.c.bhalla

Insurance co Dr. Rs.3500
Profit & Loss a/c Dr. Rs 1500
To Goods destroyed a/c Rs.5000
Question is not clear- It is assumed that damaged goods were part of stock accordingly at the stage of preparation of trading a/c damaged to be shown separately on the credit side of Trading a/c

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