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Q.Goods worth Rs.5000 destroyed in fire? Insurance claim
received RS.4000 for the goods lost? Loss of Rs.1000 pass
the entries in the books of accounts?
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Answer Posted / sonu
Loss by fire(Goods)A/C Dr. 5,000
To Goods A/C 5,000
(Being goods lost by fire)
P/L A/C Dr. 5,000
To Loss by fire(Goods)A/C 5,000
(Being loss t/fd to p/l a/c)
Bank A/c Dr. 4,000
To Insurance claim A/C 4,000
(Being insurance claim received)
Insurance Claim A/C Dr. 4,000
To P/L A/C 4,000
(Being insurance claim t/fd to P/L A/C)
| Is This Answer Correct ? | 46 Yes | 45 No |
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