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Goods destroyed by fire rs.2000 and insurance company claim rs 1250.
This is shown on adjustment,how is it posting on profit and loss account and balance sheet

Question Posted / ashique


Goods destroyed by fire rs.2000 and insurance company claim rs 1250. This is shown on adjustment,how..

Answer / kwaja

Loss due to fire accident a/c...............Dr. 2000
To Purchase a/c. 2000
P&l a/c............dr. 2000
To loss .. 2000
Insurance company a/c .......dr 1250
To P&L a/c. 1250
And current assets i.e. cash is increased by 1250 in balance sheet

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