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 / pravin mishra
trial balance cr side goods lostt by fire 10000.
profit and los account dr side loss on goods lost by fire
2000.
balance sheets asset side insurance claim 8000.
| Is This Answer Correct ? | 164 Yes | 42 No |
Answer / bandu deshmukh
effect 1 }trading a/c cr . by goods lost by faire RS=10,000.
2) p& l A/C Dr . to loss by fire Rs=2000.
3} Balansheet assitside : insurance claim received
Rs=8000
| Is This Answer Correct ? | 131 Yes | 15 No |
Answer / shaishav
Loss by fire a/c Dr 10000
To Purchases a/c 10000
Insurance claim received a/c Dr 8000
Profit and loss a/c Dr 2000
To Loss by fire a/c 10000
And if cash received...
Cash a/c Dr 8000
To Insurance claim a/c 8000
and i am right....:)
| Is This Answer Correct ? | 107 Yes | 28 No |
Answer / suryakiran
Goods lost by fire a/c dr
To Purchases
P&L a/c dr
To Goods lost by fire a/c
AND
Insurance claim received a/c
To P&L a/c
| Is This Answer Correct ? | 42 Yes | 28 No |
Answer / tarun
cost of goods lost Dr 10000
to trading account 10000
insurance claim ac Dr 8000
To loss of goods 8000
p& l ac Dr 2000
To loss of goods 2000
cash ac Dr 8000
To ins. claim 8000
| Is This Answer Correct ? | 19 Yes | 5 No |
Answer / khushal
Profit & loss A/c.........dr 2000
Insurance claim A/c ......dr 8000
To Purchase A/c. 10000
Bank A/c ................dr 8000
To Insurance Claim 8000
| Is This Answer Correct ? | 17 Yes | 5 No |
Answer / john
Particulars | Debit Amount | Credit Amount |
| | |
Loss by Fire A/c Dr. 10000
To Purchases A/c 10000
Insurance Co. Dr. 10000
To Loss by Fire A/c 10000
Bank A/c Dr. 8000
Profit and Loss A/c Dr. 2000
To Insurance Co. 10000
| Is This Answer Correct ? | 13 Yes | 1 No |
Answer / keshav gc
purchases ......
less:good loss by fire 10000.
...p/L alc dr 2000...
balance sheet.... assets 8000
| Is This Answer Correct ? | 4 Yes | 2 No |
Answer / ramzan kuldunkar
Trial balance credit side goods lost by fire 10000.
profit and los account debit side loss on goods lost by fire
2000.
balance sheets asset side insurance claim 8000.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / aditya jha
To goods destroy by fire A/C DR. In trading account.
Insurance claim A/C DR. In Assett side
| Is This Answer Correct ? | 0 Yes | 0 No |
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