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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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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

Is This Answer Correct ?    3 Yes 0 No

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

Is This Answer Correct ?    0 Yes 3 No

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

Is This Answer Correct ?    0 Yes 3 No

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