goods lost by fire rs10000 & insurance claim received for
the same rs8000.what are the effect of this entry in final
accounts?

Answer Posted / tarun

cost of goods lost Dr 10000
to trading account 10000

insurance claim ac Dr 8000
To loss of goods 8000

p& l ac Dr 2000
To loss of goods 2000

cash ac Dr 8000
To ins. claim 8000

Is This Answer Correct ?    19 Yes 5 No



Post New Answer       View All Answers


Please Help Members By Posting Answers For Below Questions

Explain me is any difference between inactive and dormant accounts?

616


Hi, I am working at Himachal Pradesh, there we pay entry tax for purchase other state. but now govt decide this tax will be deposited with Sale Tax return, now my question is that where column i show this tax or which challn i deposit this tax

2346


Anti Takeover policies

1659


Mention in simple terms what is the difference between asset, equity, and liabilities?

566


Tax Invoice: Client had settled Rs. 5,25,000/- {after deducting TDS @ 10% from base/gross amount and then added (+) Service Tax Amount (15%)} which equals to Rs. 525000/- (Settled Amount by Client). Please let me know what will be gross amount and total invoice amount including Service Tax????

1259






purchase return liability or asset?should it be included in the balanced sheet?

1052


What are the purposes of maintaining control ledgers?

653


how to calculate the rate of hard ,soft and very very hard rock rate of cubic meter

1094


could i know how to accounting lease intrest ?

1484


if at the end of the year cash book is showing debit balance whether it is meant that cash is not deposited after deducting expenses in bank and it is in hand and we should deposit in next year

1459


How P/E ratio usefull to the different people?

1749


Tell me by saying, perpetual or periodic inventory system; what do we mean?

700


what do you mean byrecoupment of shortworkings in royalty accounts

3322


what is cost center & cost categories in tally

1855


What would be the entry at the time of Generating Tution Fee Challan for Advance fees. (e.g In the Month of April, Fees of June and July in being asked to pay by school to their students?,

1454