Interested to Buy Any Domain ? << Click Here >> for more details...
What is the journal entry for good loss by fire? claim
receive from insurance company? after claim received the
loss occoured entry?
- 8 Answers
- 52607 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / tejeshwar khandelwal
Insurance Company's Claim A/c Dr.8,000
Loss by fire A/c Dr.2,000
To Goods/Stock A/c 10,000
(Being goods lost by fire and insurance company's claim
received.)
| Is This Answer Correct ? | 82 Yes | 33 No |
Answer / sowmay jain
loss by fire a/c. dr.
To trading a/c
(being purchase account decreased)
insurance claim a/c. dr.
To loss by firea/c
(being ins. claim lodged and loss by fire account nulified)
Bank a/c. dr.
P&L a/c dr.(shortfall in claim settlement)
To insurance ckaim a/c
(being claim settled)
perfect entries for insurance claim.
| Is This Answer Correct ? | 45 Yes | 18 No |
Answer / om singh
Loss by fire a/c Dr.
Insurance company A/c Dr.
To purchase
(being goods loss bye fire and insurence company accepted loss)
| Is This Answer Correct ? | 16 Yes | 12 No |
Answer / satya prakash mani tripathi
Lost by fire a/c Dr
Insurance claim a/c. Dr
To. Purchase a/c
| Is This Answer Correct ? | 5 Yes | 3 No |
Answer / sharma
1)Loss by fire A/c Dr
To purchase A/c
2)Insurance claim A/c Dr
P/L A/c Dr
To loss by fire A/c
3) Bank/cash A/c. Dr
To insurance claim A/c
| Is This Answer Correct ? | 0 Yes | 1 No |
Answer / padmanava padhi
Loss of Stock a/c dr
To Trading A/c
P/L a/c dr
To Loss of stock a/c
we have to pass two entries in this case.
| Is This Answer Correct ? | 32 Yes | 35 No |
Answer / mohammad malik
goods lost by fire DR.
TO purchase a/c
cash/bank DR.
TO insurance company
| Is This Answer Correct ? | 11 Yes | 15 No |
Answer / sumitra.raghavan
goods lost on fire A/c dr
to trading a/c
p/l dr
to goods lost
bank a/c
to insurance claim
| Is This Answer Correct ? | 15 Yes | 21 No |
Suppose we are getting a TDS Certificate from our vendor's how can enter the same in our books.
What is LIFO and FIFO ?
what do you mean by debt equity ratio?
When we received payment from creditors
Please describe your experience in inventory reporting & valuation including reconciliation of inventory accounts.
What are the nine accounting cycles?
who is payee?
what is difference between bill and invoice
What is column cash book?
why assets are shown at their historical cost price but not at their current price bcoz we are following historical cost concept. but this will not reveal correct financial position of the business.give reason
We bought some machines from Singapore (capital goods), payment made in rupees. but the invoice value is mentioned as USD. 1. party ledger shows (debit side) amount in rupees. now i need to make purchase entry. 2. shall i want to convert USD to rupees? 3. if i do like that the party ledger will be differ.. 4. somebody pls tell me the way to make purchase entry.
WHAT IS THE DIFFRANCE B/W THE PREFERENCE SHARES AND EQUITY SHARES....
Audit 
