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goods lost by fire rs10000 & insurance claim received for
the same rs8000.what are the effect of this entry in final
accounts?
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Answer Posted / john
Particulars | Debit Amount | Credit Amount |
| | |
Loss by Fire A/c Dr. 10000
To Purchases A/c 10000
Insurance Co. Dr. 10000
To Loss by Fire A/c 10000
Bank A/c Dr. 8000
Profit and Loss A/c Dr. 2000
To Insurance Co. 10000
| Is This Answer Correct ? | 13 Yes | 1 No |
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