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goods lost by fire rs10000 & insurance claim received for
the same rs8000.what are the effect of this entry in final
accounts?

Answer Posted / suryakiran

Goods lost by fire a/c dr
To Purchases

P&L a/c dr
To Goods lost by fire a/c

AND

Insurance claim received a/c
To P&L a/c

Is This Answer Correct ?    42 Yes 28 No



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