What will be the entry in book, stock get destroyed in fire
Of rs. 1, 00,000/- in two circumstances?
Answers were Sorted based on User's Feedback
Answer / ravi.harjai2009@gmail.com
at the time when fire will occur...
Loss by fire a/c Dr 100000
To purchase a/c 100000
but if the fully or partly stock is insured,the following
will also be passed........
Insurance company a/c Dr [accepted claim amount]
P & L a/c Dr [not accepted amount]
To loss by fire a/c [total loss amount]
Is This Answer Correct ? | 22 Yes | 0 No |
Answer / anshul arora
Loss By Fire A/C Dr. 100000
Stock A/C Cr.100000
Is This Answer Correct ? | 16 Yes | 7 No |
Answer / vikas
Abnormal loss A/c Dr 100000
to Purchase A/c 100000
Is This Answer Correct ? | 14 Yes | 11 No |
Answer / suastik
Dr. Cr.
Abnormal Loss A/C Dr. 100000
To Stock Destroyed by Fire 100000
(Abnornal Loss A/C will be shown Dr.side of P/L a/c, and
Stock destroyed by fire will be Cr. side of Trading a/c. of
Rs. 100000/-.)
Is This Answer Correct ? | 3 Yes | 1 No |
Loss by fire a/c Dr.(Insured Amount)
P&l a/c Dr.(Not insured amount_
To Stock a/c
Is This Answer Correct ? | 3 Yes | 3 No |
Answer / t.saravanan
Abnormal Loss A/c Dr. 100000
To Stock Cr. 100000
Is This Answer Correct ? | 1 Yes | 1 No |
Answer / nitin sharma
MR. Suastik
You are writr but if some amount is not accept by insurance
co. this conditon will be applicable there
Is This Answer Correct ? | 0 Yes | 1 No |
Answer / rakesh verma
I agree with the answer of Ravi Harjai, but I think second
entry should be as :
Insurance co. a/c Dr. 75000 (for example)
To Loss bu fire a/c 75000
balance amount would be automatically shown as not accepted
amount by insurance company.
Is This Answer Correct ? | 2 Yes | 4 No |
Answer / sabeeh ullah khan
Abnormal loss A/c or Fire Damage Dr 100000
to Purchase A/c 100000
Is This Answer Correct ? | 0 Yes | 2 No |
Answer / amit.kala87
loss by fire a/c dr 100000
to purchases a/c 100000
Is This Answer Correct ? | 1 Yes | 4 No |
The following information is extracted from the audited books of accounts of a chain of food stores for the period ended 31st December 2015. Revenue Statement (Trading and Profit and Loss Account for the year ended 31st December 2015. BWP’000 BWP’000 Sales 460 Cost of good sold (220) Gross profit 240 Wages 50 Other expenses 30 (80) Net Profit 160 Note: The purchase figure included in the cost of goods sold of P255 000. Balance Sheet as at 31st December 2015 BWP’000 BWP’000 Fixed Assets 400 Current assets: Stock 80 Debtors (trade) 120 Bank 400 ----- [600] Current liabilities: Trade creditors 300 ------ [300] 300 Net Assets 700 ==== Financed by: Share capital 600 Revenue reserves 100 ------ 700 Shareholders Funds 700 ===== Required: (a) Calculate the following accounting ratios: (i) Current ratio (ii) Acid test ratio (iii) Stock turnover (in days) (iv) Debtors turnover (in days) (v) Creditors turnover (in days) (vi) Return on capital employed (ROCE) (vii) Gross profit percentage (viii) Net profit percentage (b). Give a brief comment on the performance of the company, based on the above ratios.
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