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What will be the entry in book, stock get destroyed in fire
of Rs. 1,00,000/- in two circumstances
i) Stock is insured.
ii) and stock is un-insured.
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Answer Posted / srinivas
When Stock is insured
Insurence a/c dr ( with amount insurence received)
P & L A/c Dr ( with amount of loss)
To Trading Account (Total Loss amount)
When Stock is not insured
P & L a/c dr
To Trading a/c
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