Interested to Buy Any Domain ? << Click Here >> for more details...
accounting effect for closing stock goods destroyed by fire
and claim is given by insurance co
- 3 Answers
- 13118 Views
- Forbes, I also Faced
- E-Mail Answers
Answer Posted / alok
In this question it is not clear whether the co. gets the
claim or not. it only says that claim is given.
since no claim money is received yet, it should be under
conservative convention treated as loss and respective entry
needs to made. i.e.
Loss by fine a/c Dr
to purchase
and loss by fire account should be Debited in Trading Account.
If the question gives a clue that claim money is received
then it should be treated as
Bank account Dr
Loss by fir a/c Dr (uncovered part)
to purchase
(appropriate narration should be made here)
| Is This Answer Correct ? | 1 Yes | 7 No |
Post New Answer View All Answers
Define retail banking?
Where should tds received should show in balance sheet?
whether sale and purhases of cf agent are his and he is liablte to pay VAT on sale of goods and pay the tax to govt collected by him one more being receiving commission of saleproceed during the year whose stock would be it it is of c f agent or principal manufctrurer who has send the goods to sold on his behalf
Mention the types of accounts involved in double entry book-keeping?
WHAT IS MIS REPORT IN ACCOUNTS ? WHAT IS ITS USE IN ACCOUNTS & GIVE WITH AN EXAMPLE ?
WHICH QUESTIONS ASKED IN EPFO IN 2009.
when & how interest on unsecured loan is calculated?
hi, this is shanthi kumar(M.Com). i would like to attend interview in genpact company.please send finance interview questions and interview details. thank u very much
Can anybody tell me the steps involved in Budgeting / Forecasting generally..?. Hints would be appreciated highly.
Describe a time when you have not met your goal?
How time sheets are maintained?
A and V enter into a joint venture to sell a consignment of biscuits sharing profits and losses equally. A provides biscuits from stock Rs 10000. He pays expenses amounting to Rs 1000. V incurs further expenses on carriage Rs 1000. He receives cash for sales Rs 15000. He also takes over goods to the value of Rs 2000. The profit on joint venture is 7 (a) Rs.3000 (b) Rs.5000 (c) Rs.6000 (d) Rs.3500
What is accounting period?
What are the advantages & disadvantages of double entry system?
Tell me what would you say are the most important qualities of an account manager?
