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Goods lost by fire rs.5000 it was partly insured insurance company admit the claim for 3500 what will be the journal entry
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Answer Posted / navin kumar
Goods Loss by fire A/C Dr 5000
To Trading/Purchases 5000
(Being good lost by fire)
Insurance claim A/C Dr 3500
To Goods Loss by fire A/C 3500
Profit and loos A/C Dr 1500
To Goods Loss by fire A/C 1500
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