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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 / navin kumar
Goods Loss by fire A/C Dr 5000
To Trading/Purchases 5000
(Being good lost by fire)
Insurance claim A/C Dr 3500
To Goods Loss by fire A/C 3500
Profit and loos A/C Dr 1500
To Goods Loss by fire A/C 1500
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Alex’s Trial Balance at 31 December 2015 Dr (BWP) Cr (BWP) Capital 18 240 Bank overdraft 3 000 Fixtures and fittings 14 100 Provision for depreciation-fixtures and fittings 8 800 Inventory 14 200 Trade receivables 12 300 Trade payables 9 900 Revenue 110 000 Purchases 51 000 Discount received 1 800 Wages and salaries 26 000 Sundry expenses 34 000 Discount allowed 620 217 540 ======= 86 420 ======== Required: i Prepare the corrected trial balance at 31 December 2015. (7 marks) ii Show any difference you find as a balance on an appropriate account.
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