Journal entries if the following line items are given as
adjustment in balance sheet and p l a/c
Fire accident of inventory
Case 1. No insurance coverage
Case 2.partly insurance coverage
Case 3. Fully insurance coverage
Answer Posted / guest
1.When fire accident incurred(not insured)the entry is
goods lost by fire accident a/c Dr
to purchase a/c or trading a/c CR
transfer entry is
profit & loss a/c Dr
to goods lost by fire accident a/c CR
if goods are partially covered by insurance company then the entry is
insurance claim a/c Dr
loss a/c Dr
to goods lost by fire accident a/c CR
if goods are fully covered by insurance company then the entry is
insurance claim a/c Dr
to goods lost by fire accident a/c CR
Is This Answer Correct ? | 0 Yes | 0 No |
Post New Answer View All Answers
please give the sbi bank clerk exam paper model in last five years?
Who is called consignor
what is span of shares
Expand---------NPTO
What are the things are not Included in Annual Reports?
What is the quality of the accountant & rights ? hansika.kk@gmail.com
different between acconting and elective mathematics
Define the word Profit in terms of business
what is the use of special general ledger if the normal trasaction in usage.
can we get all interview questions with answers in tally 9 which mostly asked in MNC's.
What is Goods Lost by Fire/Accident/Theft ?
hii,i was appeared in recruitment process of Catholic Syrian Bank.Interview question were general banking related... as what is crr,calling rate, current inflationrate etc
what is budgetory control and what are the types
What is Provision for expenses?
Calculate Income Ta X On Nett Income Of Rs 365520 For Men,women And Senior Citizen For The Assessment Years 2009- 10 And 2010-11?