Interested to Buy Any Domain ? << Click Here >> for more details...
What will be the journal entry for good lost by fire. How
many entries will be passed in the books of account for the
same.
- 29 Answers
- 142593 Views
- IBM, MTM, I also Faced
- E-Mail Answers
Answer Posted / sonu
if goods are insured then,
1.one entry made in trading a/c credit side
2.second entry made in balance sheet asset side for
insurance covered amount.
3.third entry should be made in P&L a/c debit side.
e.g goods lost by fire rs.3000. insured goods worth rs 2000.
then,
good lost by fire on trading account cr. side will be rs 1000
asset side balance shit goods insured rs.2000
on the P&L a/c debit side it will be rs.3000
| Is This Answer Correct ? | 12 Yes | 13 No |
Post New Answer View All Answers
Tell me the stages of double entry system?
Define scrap value in accounting?
What does the abbreviation dr mean in accounting?
What happens to the company's "cash account" if it borrows money from the bank by signing a note payable?
What are the steps to take before you approve an invoice for payment?
What is the general net worth percentage banks will observe while sanctioning the Loans for Tranding, Construction and Manufacturing units.
What are accounting rules called?
Follow up ageing balances of Debtors & Creditors and also Inventory
Explain have you ever prepared mis reports and what are these?
PROVIDENT FUND TO BE CALCULATED ON BASIC AFTER DEDUCTION OF ABSENTS (LOP)
What are the elements of the accounting equation?
when & how interest on unsecured loan is calculated?
what is "goodwill" reserve and surplus and reserve with example
What and How to compute an unsecured balances?
What is tally accounting?
