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Goods lost by fire rs.5000 it was partly insured insurance company admit the claim for 3500 what will be the journal entry
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Answer / navin kumar
Goods Loss by fire A/C Dr 5000
To Trading/Purchases 5000
(Being good lost by fire)
Insurance claim A/C Dr 3500
To Goods Loss by fire A/C 3500
Profit and loos A/C Dr 1500
To Goods Loss by fire A/C 1500
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / karthick
Insurance received 3500 Dr
Fire Loss 1500 Dr
To Goods Destroyed 5000 Cr
| Is This Answer Correct ? | 0 Yes | 3 No |
Answer / s.c.bhalla
Insurance co Dr. Rs.3500
Profit & Loss a/c Dr. Rs 1500
To Goods destroyed a/c Rs.5000
Question is not clear- It is assumed that damaged goods were part of stock accordingly at the stage of preparation of trading a/c damaged to be shown separately on the credit side of Trading a/c
| Is This Answer Correct ? | 0 Yes | 3 No |
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