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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 / vishal parkhi
Loss by fire A/c Dr. 4000
Insurance claim A/c Dr. 6000
To goods destroyed by fire A/c 10,000
( loss is expenses =dr .insurance claim receive means cash receive . Cash comes in business = dr.
goods goes out into the business =cr.
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