goods lost by fire rs10000 & insurance claim received for
the same rs8000.what are the effect of this entry in final
accounts?
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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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