Goods lost by fire rs.5000 it was partly insured insurance company admit the claim for 3500 what will be the journal entry
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Answer Posted / s.c.bhalla
Insurance co Dr. Rs.3500
Profit & Loss a/c Dr. Rs 1500
To Goods destroyed a/c Rs.5000
Question is not clear- It is assumed that damaged goods were part of stock accordingly at the stage of preparation of trading a/c damaged to be shown separately on the credit side of Trading a/c
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