Interested to Buy Any Domain ? << Click Here >> for more details...
What will be the journal entry for good lost by fire. How
many entries will be passed in the books of account for the
same.
- 29 Answers
- 143390 Views
- IBM, MTM, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / deepak dileep
If no insurance
The entries are
a) Goods lossed by fire a/c. Dr
Trading a/c
b)Goods lossed by fire a/c Dr
P/l a/c
In case of partial insurance
a.Goods lossed by fire a/c Dr
Trading a/c
b. P/L a/c. Dr Insurance company (amount of claim)Dr
Goods lossed by fire a/c
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / praveenkumar oswal
when loss goods by fire
1)loss by fire a/c .......dr 10000 -
to purchases a/c - 10000
2) Insurance company a/c .....dr 7000
to Loss by fire - 7000
3) bank a/c .............dr 7000 -
to insurance company - 7000
4) p&l a/c .....dr 3000 -
to loss by fire - 3000
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / vishal parkhi
Loss by fire A/c Dr. 4000
Insurance claim A/c Dr. 6000
To goods destroyed by fire A/c 10,000
( loss is expenses =dr .insurance claim receive means cash receive . Cash comes in business = dr.
goods goes out into the business =cr.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / xyz
Lost by fire A/C..............dr.
To Purchase A/C................cr.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / dipayan dey
Three entry should be made for this entry.
| Is This Answer Correct ? | 9 Yes | 10 No |
Answer / sonu
if goods are insured then,
1.one entry made in trading a/c credit side
2.second entry made in balance sheet asset side for
insurance covered amount.
3.third entry should be made in P&L a/c debit side.
e.g goods lost by fire rs.3000. insured goods worth rs 2000.
then,
good lost by fire on trading account cr. side will be rs 1000
asset side balance shit goods insured rs.2000
on the P&L a/c debit side it will be rs.3000
| Is This Answer Correct ? | 12 Yes | 13 No |
Answer / l.n.dewangan
Dr Manufacturing & Trading a/c
Cr Goods lost by fire (Stock)a/c
| Is This Answer Correct ? | 4 Yes | 5 No |
Answer / venkatesh
Loss of goods a/c Dr
To Goods a/c
(Being goods lost in fire)
There shall be only one entry passed for this transaction.
| Is This Answer Correct ? | 11 Yes | 12 No |
what are contingent liabilities?
What is inventory
how to create salary and pf statement in excel sheet?
What is menat by INVOICE?
Here is a question i was asked below is the scenario need to enter journal entrries for both accounting system Cash and Accrual :- 1) Landlord A/c 2) Tenant A/c 3) Bills Receivable A/c 4) Cash A/c 5) Bank A/c Situation:- 1) Bill is created. 2) Bill is sen to the tenant, journal entry =? 3) Cash is received from the tenant, journal entry=? 5) If cheque is received from the tenant, journal entry=? 6) Receipt is created. 5) Receipt is sent to the tenat, journal entry=? Its urgent, please help.
entry tax calculate on purchase +freight inward or not
Horizontal balance sheet versus Vertical balance sheet
What is the three golden rules in Accounts ?
sir if we make purchase and sale for the same pary for the same amount what adjusting entry have to be passed to close that entry in tally. while taking bill wise details we can see the dr. cr.and have to cancell that
What is definition of a cash float in accounting?
Trial balance as on 31st March, 2014 Particulars Debit Pula Particulars Credit Pula Wages 14 100 Dividends received 4 300 Salaries 13 000 Bank overdraft 41 000 Opening Stock 40 000 Returns 1 000 Machinery 49 000 Creditors 14 200 Investments 30 700 Sales 258 500 Drawings 23 000 Capital 30 000 Purchases 130 000 Returns 2 000 Debtors 18 000 Advertising 13 400 Interest 4 800 Cash 11 000 349 000 ======= 349 000 ======== Additional information: 1. Closing stock is valued at P53 000. 2. Wages include P350 being advance against wages. 3. Wages include P1 000 paid for erection of machinery. 4. A purchase of stationery for P430 has been inadvertently included in the Purchases account. 5. A sale of investments with a book value of P2 600 for P2 500 has been included in the Sales Account. 6. Salaries include P150 per month paid to the proprietor’s domestic servant. 7. Machinery is to be depreciated by 10 per cent. Required: a. The revenue statement (Trading and Profit and Loss Account) for the year ended 31st March 2014 and b. Statement of financial position (Balance Sheet) as on 31st March, 2014.
what are the adjustment entries?
Audit 
