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accounting effect for closing stock goods destroyed by fire
and claim is given by insurance co
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Answer Posted / mathew
The answer is as follows :
Abnormal loss ...............Dr
To Trading a/c
Cash a/c..............Dr
To Insurance Co
(assuming that the Insurance co has accepted the claim of the firm and has fully remitted the value of stock destroyed, since the question states the claim has been given by the Insurance co)
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