Mac Purchased on 15th Jan 12000/-
30th June Machinery damaged due to Fire Accident
31st Dec received the Insurance Premium 13000/-.
Pass the Journal Entry for all the above three

Answers were Sorted based on User's Feedback



Mac Purchased on 15th Jan 12000/- 30th June Machinery damaged due to Fire Accident 31st Dec receiv..

Answer / dspsaradi

15TH JAN DEBIT CREDIT
MACHINARY A/C 12000/-
TO CASH/CREDITOR A/C 12000/-

30TH JUNE

INSURANCE PREMIUM CLAIM A/C 12000/-
TO MACHINARY A/C 12000/-

31ST DEC

CASH / BANK A/C 13000/-
TO INSURANCE PREMIUM CLAIM A/C 12000/-
TO OTHER INCOME 1000/-

Is This Answer Correct ?    41 Yes 1 No

Mac Purchased on 15th Jan 12000/- 30th June Machinery damaged due to Fire Accident 31st Dec receiv..

Answer / dspsaradi

15TH JAN DEBIT CREDIT
MACHINARY A/C 12000/-
TO CASH/CREDITOR A/C 12000/-

30TH JUNE

INSURANCE PREMIUM CLAIM A/C 12000/-
TO MACHINARY A/C 12000/-

31ST DEC

CASH / BANK A/C 13000/-
TO INSURANCE PREMIUM CLAIM A/C 12000/-
TO OTHER INCOME 1000/-

Is This Answer Correct ?    17 Yes 1 No

Mac Purchased on 15th Jan 12000/- 30th June Machinery damaged due to Fire Accident 31st Dec receiv..

Answer / azeem

Mac A/C Dr.
To cash A/C

Mach Damaged A/c Dr.
To Mach A/c

Cash A/c Dr.
To Insurance prm

Is This Answer Correct ?    15 Yes 3 No

Mac Purchased on 15th Jan 12000/- 30th June Machinery damaged due to Fire Accident 31st Dec receiv..

Answer / bijay kumar jha

DEBIT CREDIT
MACHINARY A/C 12000/-
TO CASH/CREDITOR A/C 12000/-



INSURANCE PREMIUM CLAIM A/C 12000/-
TO MACHINARY A/C 12000/-



CASH / BANK A/C 13000/-
TO INSURANCE PREMIUM CLAIM A/C 12000/-
TO PRofit/loss 1000/-

Is This Answer Correct ?    10 Yes 3 No

Mac Purchased on 15th Jan 12000/- 30th June Machinery damaged due to Fire Accident 31st Dec receiv..

Answer / subramanyam

First entry

Machinary A\c
To Cash\bank\x (x means credit purchase)


Second entry

Insurance claim A\c 13000
To Machinary A\c 12000
To P&L A\c 1000

Is This Answer Correct ?    5 Yes 1 No

Mac Purchased on 15th Jan 12000/- 30th June Machinery damaged due to Fire Accident 31st Dec receiv..

Answer / kanika

Machinery a/c dr.12000
to cash a/c 12000

loss by fire a/c dr. 12000
to machinery a/c 12000

Cash a/c dr. 13000
to Insurance premium a/c 13000

Ins. claim a/c dr. 12000
to machinery a/c 12000
to profit a/c 1000

Is This Answer Correct ?    4 Yes 1 No

Mac Purchased on 15th Jan 12000/- 30th June Machinery damaged due to Fire Accident 31st Dec receiv..

Answer / nitin sharma

15TH JAN DEBIT CREDIT
MACHINERY A/C 12000
TO CASH/BANK/CREDITORS A/C 12000

30TH JUNE
LOSS DUE TO FIRE A/C 12000
TO MACHINERY A/C 12000

31ST DEC
BANK A/C 13000
INSURANCE PREIMUM CLAIM A/C 12000
OTHER INCOME A/C 1000

Is This Answer Correct ?    4 Yes 2 No

Mac Purchased on 15th Jan 12000/- 30th June Machinery damaged due to Fire Accident 31st Dec receiv..

Answer / seshagiri.g

15TH JAN DEBIT CREDIT
MACHINARY A/C 12000/-
TO CASH/CREDITOR A/C 12000/-

30TH JUNE

INSURANCE PREMIUM CLAIM A/C 12000/-
TO MACHINARY A/C 12000/-

31ST DEC

CASH / BANK A/C 13000/-
TO INSURANCE PREMIUM CLAIM A/C 12000/-
TO OTHER INCOME 1000/-

Is This Answer Correct ?    4 Yes 2 No

Mac Purchased on 15th Jan 12000/- 30th June Machinery damaged due to Fire Accident 31st Dec receiv..

Answer / amarendra

TRansaction is INVALID

The Machinery is Purchased on Jan month damaged on June
month.so it was used upto june month so there will be some
depreciation.then how the Insurance Company will pay
Rs.13000/- eventhough machinery used for six months since
its actual price is Rs.12000/-

Is This Answer Correct ?    4 Yes 2 No

Mac Purchased on 15th Jan 12000/- 30th June Machinery damaged due to Fire Accident 31st Dec receiv..

Answer / shoukath

the transaction is in valid bcz he purchased mechinary
12000 he useed epto 6 months also .how he got 13000 from
insurance co.cheeting insurance comapny is an offence under
the law.

Is This Answer Correct ?    2 Yes 1 No

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