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What will be the journal entry for good lost by fire. How
many entries will be passed in the books of account for the
same.
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Answer Posted / sonu
if goods are insured then,
1.one entry made in trading a/c credit side
2.second entry made in balance sheet asset side for
insurance covered amount.
3.third entry should be made in P&L a/c debit side.
e.g goods lost by fire rs.3000. insured goods worth rs 2000.
then,
good lost by fire on trading account cr. side will be rs 1000
asset side balance shit goods insured rs.2000
on the P&L a/c debit side it will be rs.3000
| Is This Answer Correct ? | 12 Yes | 13 No |
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