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
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Answer Posted / omprakash
At the time of purchase of Assets
Machinery Dr 12000
To cash / Bank / party 12000
( 15 Jan)
30 june
Loss by fire Accident 12000
TO Machinery 12000
30 june Insurance claim of Machinery 12000
To loss by Fire Accident 12000
31 dec
Bank 13000
To Insurance claim of Machinery 12000
To Other Income 1000
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