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What will be the journal entry for good lost by fire. How
many entries will be passed in the books of account for the
same.
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Answer Posted / deepak dileep
If no insurance
The entries are
a) Goods lossed by fire a/c. Dr
Trading a/c
b)Goods lossed by fire a/c Dr
P/l a/c
In case of partial insurance
a.Goods lossed by fire a/c Dr
Trading a/c
b. P/L a/c. Dr Insurance company (amount of claim)Dr
Goods lossed by fire a/c
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