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Q.Goods worth Rs.5000 destroyed in fire? Insurance claim
received RS.4000 for the goods lost? Loss of Rs.1000 pass
the entries in the books of accounts?
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Answer Posted / samir ladhani
Let me try..
When we book loss & put claim to insurance company,
Insurance claim receivable a/c. Dr 5000
to stock. 5000
when claim is received....
Bank a/c Dr 4000
Loss by fire a/c Dr 1000
to insurance claim receivable
5000
If u observe, net effect will be,
Bank a/c Dr. 4000
Loss by fire a/c Dr. 1000
to stock. 5000
| Is This Answer Correct ? | 5 Yes | 14 No |
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