What is the journal entry for good loss by fire? claim
receive from insurance company? after claim received the
loss occoured entry?
Answer Posted / sowmay jain
loss by fire a/c. dr.
To trading a/c
(being purchase account decreased)
insurance claim a/c. dr.
To loss by firea/c
(being ins. claim lodged and loss by fire account nulified)
Bank a/c. dr.
P&L a/c dr.(shortfall in claim settlement)
To insurance ckaim a/c
(being claim settled)
perfect entries for insurance claim.
Is This Answer Correct ? | 45 Yes | 18 No |
Post New Answer View All Answers
Define trade bills?
What action could be taken by you and your manager to improve your performance in your current position?
IN VAT INVOICES DISCOUNT ALLOWED OR NOT
Explain what makes a successful account manager?
A Lorry driver damaged shed shutter and we deduct 2000/- from his freight amount now what is the head for the Deducted amount?
Have you ever made mis reports and what are they?
Wat entry ill come after paying the Cen -Excise Tax Vat Tax and Service Tax in the same time
can i direct payment made t code f-53 to bsnl agst telephone exp.? or 1st create a/c.of bsnl and book in fb60 then payment made whose correct?
Tell me do you think there is any difference between inactive and dormant accounts?
What are the types of liabilities accounts?
Why are accounting standards necessary?
Discuss the consistency concept in accounting
I have 4 four category of emplies say Admn/Markting/Procurment/Production and the employees of thee category have there bank accounts in 5 or six different banks. How can i generate Payroll advice for the employees having account in A Or B OR C Or D falling under above category
Assuming that a firm pays tax at a 50 per cent rate, compute the after tax cost of capital in the following cases: I. A 8.5 % preference share sold at par. II. A perpetual bond sold at par, coupon rate of interest being 7 per cent III. A ten year, 8 percent, Rs.1000 par bond sold at Rs.950 less 4 percent underwriting commission.
what are doucement required under registration of properity firm. give the answer breif