Answer Posted / vinod yallappa vadar

If Goods destroyed fire and insurance claim will not receive then entry will be shown below

Loss by Fire A/c ..................Dr. 10000
To Purchase A/c 10000
(Because when goods destroyed by fire then our purchase quantity reduced therefore we should make above journal entry)

If we will be received Insurance claim for destroyed goods then entry will be as shown below

Insurance Claim A/c Dr. 8000
Loss by Fire A/c Dr. 2000
To Purchase A/c 10000

and if insurance claim received
then entry will be as shown below

Cash/ Bank A/c Dr. 8000
To Insurance Claim A/c 8000

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