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What will be the journal entry for good lost by fire. How
many entries will be passed in the books of account for the
same.
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Answer Posted / manoj mishra
Loss by Fire A/c --Dr
To Purchase A/C
P&L A/C ----Dr.
To Loss by Fire A/C.
If the goods is insure and claim is received in part.
Cash A/C ----Dr.
To Insurance Com. A/C
Insurance Com. A/C---- Dr.
Loss on Claim A/C ----Dr.
To Loss by Fire A/C
P&L A/C ----Dr.
To Loss by Claim A/C
| Is This Answer Correct ? | 8 Yes | 9 No |
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