Answer Posted / puneet sharma

Loss by fire (Ex;Rs.10,000) reducing our purchases of goods, entry will be:

Loss by fire a/c Dr. 10,000 (debit the exp)
To Purchase a/c 10,000

Now, this loss needs to be set off in P&L:

P&L a/c Dr. 10,000
to Loss by fire a/c 10,000

In case, there is insurance company pays Rs. 6000, then entry would be:

Cash a/c Dr. 6,000
To Ins. comp a/c 6,000

Now, Insurance comp. accounts need to be set off against P&L and this would show up in credit side of P&L account.

Insurance comp a/c Dr. 6,000
To P&L a/c 6,000


So, the ultimate loss was Rs.4,000 (10,000-6,000)

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