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goods lost by fire rs10000 & insurance claim received for
the same rs8000.what are the effect of this entry in final
accounts?
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Answer Posted / ramesh
When goods lost
P n L A/c Dr 10000
to Purchases A/c 10000
When cash recived
CAsh a/c dr 8000
to P n L ac 8000
The net effect is 2000 loss in p n l. hope this answer is correct
| Is This Answer Correct ? | 5 Yes | 13 No |
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