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

Answer Posted / shaishav

Loss by fire a/c Dr 10000
To Purchases a/c 10000

Insurance claim received a/c Dr 8000
Profit and loss a/c Dr 2000
To Loss by fire a/c 10000

And if cash received...
Cash a/c Dr 8000
To Insurance claim a/c 8000

and i am right....:)

Is This Answer Correct ?    107 Yes 28 No



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