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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 / ca uresh purwar 9899398197
Abnormal lose of goods by fire
To Purchase
If goods are insured and claim has been made then the amount of claim as given above
Insurance receivable against lost of goods by fire
To insurance received
bank
To insurance receivable
| Is This Answer Correct ? | 2 Yes | 5 No |
Answer / anil ray
when goods lost on fire
Goods lost a/c dr
To purchase a/c
When insurance co. Admit claim
Proft/loss a/c dr
Insurance co. A/c dr
To purchase a/c dr
When full claim received
Bank a/c dr
To purchase a/c
| Is This Answer Correct ? | 1 Yes | 4 No |
Answer / adi
Goods are less by rs10000 and at CR side of p/l acc is increase by 8000
| Is This Answer Correct ? | 0 Yes | 3 No |
Answer / 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
| Is This Answer Correct ? | 0 Yes | 3 No |
Answer / shiuly begam
Profit & Loss Account.......Dr Rs.3000
Insurance Claim Account ......Dr Rs.7000
To Trading Account Rs.10000
| Is This Answer Correct ? | 2 Yes | 8 No |
Answer / mahesh k gopalakrishnan
Goods Lost by Fire a/c Dr. 10,0000
To Trading a/c. 10,0000
P& L a/c Dr. 10,000
To Goods Lost by Fire 10,000
Cash a/c Dr. 8,000
To Insurance Claim a/c 8,000
Insurance Claim a/c Dr. 8,000
To P& L a/c. 8,000
| Is This Answer Correct ? | 1 Yes | 7 No |
Answer / ramesh
When goods lost
P n L A/c Dr 10000
to Purchases A/c 10000
When cash recived
CAsh a/c dr 8000
to P n L ac 8000
The net effect is 2000 loss in p n l. hope this answer is correct
| Is This Answer Correct ? | 5 Yes | 13 No |
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