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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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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
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / karthick
Insurance received 3500 Dr
Fire Loss 1500 Dr
To Goods Destroyed 5000 Cr
| Is This Answer Correct ? | 0 Yes | 3 No |
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
| Is This Answer Correct ? | 0 Yes | 3 No |
What is the type of principal for CLOSING STOCK. and why we show closing stock two time that is once in trading account and another time in assets. if closing stock is Real account than what about showing in trading account as we dont show real account type in trading account. thanks
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