What will be the entry in book, stock get destroyed in fire
of Rs. 1,00,000/- in two circumstances
i) Stock is insured.
ii) and stock is un-insured.
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Answer / sadhana
entry will be
insurance co. a/c dr. ( with amt insured/received.)
p&l a/c dr. ( with amt. of loss)
to stock lost by fire a/c ( total amt. Rs. 100000)
| Is This Answer Correct ? | 10 Yes | 3 No |
Answer / muazam ali
i)will charge to stock shortage A/c ( by fire) at the time
& when insurance received then will charge to stock
insurance a/c
ii)will charge to stock shortage A/c ( by fire)
| Is This Answer Correct ? | 6 Yes | 5 No |
Answer / srinivas
When Stock is insured
Insurence a/c dr ( with amount insurence received)
P & L A/c Dr ( with amount of loss)
To Trading Account (Total Loss amount)
When Stock is not insured
P & L a/c dr
To Trading a/c
| Is This Answer Correct ? | 5 Yes | 4 No |
Answer / sadhik basha s
i)stock is insured
first entry for provision
loss by fire A/c dr
to P&l a/c
second entry for claim insurance
insurence co a/c dr
To loss by fire a/c
| Is This Answer Correct ? | 3 Yes | 2 No |
Answer / sangeeta a bhimalli
Abnormal Loss A/c Dr
To Stock Destroyed A/c
| Is This Answer Correct ? | 1 Yes | 0 No |
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