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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
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Answer Posted / aj
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
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