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Q.Goods worth Rs.5000 destroyed in fire? Insurance claim
received RS.4000 for the goods lost? Loss of Rs.1000 pass
the entries in the books of accounts?
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Answer Posted / mahesh
Good destroyed by fire a/c dr.5000
(Under trading a/c)
To insurance claim a/c 4000
(Under current assets)
To goods loss on fire a/c 1000
(Under indirect expenses)
| Is This Answer Correct ? | 1 Yes | 10 No |
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The following are the list of Balances of SUNSHINE Company as at 1.2.2012 RM Land and building 450,000. Furniture and Fittings 35,000. Office Equipment 25,000. Motor Vehicles 75,000. Inventory 5,000. Trade Receivables 12,000. Trade Payables 8,000. Bank Loan 200,000. Bank 13,000. Cash in Hand 1,000. Capital 408,000.
