Goods destroyed by fire rs.2000 and insurance company claim rs 1250.
This is shown on adjustment,how is it posting on profit and loss account and balance sheet






Goods destroyed by fire rs.2000 and insurance company claim rs 1250. This is shown on adjustment,how..

Answer / kwaja

Loss due to fire accident a/c...............Dr. 2000
To Purchase a/c. 2000
P&l a/c............dr. 2000
To loss .. 2000
Insurance company a/c .......dr 1250
To P&L a/c. 1250
And current assets i.e. cash is increased by 1250 in balance sheet

Is This Answer Correct ?    0 Yes 0 No

Post New Answer




More Accounting General Interview Questions

Mention what does the investment of personal assets by the owner will do?

0 Answers  


how we enter insurance claim entry in tally

4 Answers   Unibiz,


what do you mean Provision for bad debit

8 Answers   Genpact,


Explain the Invoice verification process

0 Answers  


List out things that fall under intangible asset?

0 Answers  






Rent is direct income or indirect income

2 Answers  


Genpect Interview

3 Answers   Genpact, Zenpac,


What are the differences among band,debenture and share ?

3 Answers  


Wht is the differance between Trade discount and cash Discount?

6 Answers  


What is an operative accounts?

0 Answers  


Describe yourself briefly why you are outstanding for this post "Finance Coordinator"?

0 Answers  


what is the responsiblities for accounts manager?

0 Answers  






Categories