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 / mahesh k gopalakrishnan
Goods Lost by Fire a/c Dr. 10,0000
To Trading a/c. 10,0000
P& L a/c Dr. 10,000
To Goods Lost by Fire 10,000
Cash a/c Dr. 8,000
To Insurance Claim a/c 8,000
Insurance Claim a/c Dr. 8,000
To P& L a/c. 8,000
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