Accountancy, asked by Madhavcool1428, 11 months ago

(1)Goods worth 5,000 destroyed by fire.(2)Insurance Company admitted claim for 4,000 only. journal entry ​

Answers

Answered by madhavi03reddy
0

Explanation:

Goods destroyed are treated as abnormal loss and hence debited to Profit and Loss Account. However, the entry varies if there is an insurance.

Answered by abbusaicharan02
4

Answer:

1.

Loss by fire A/c           Dr.   5000

            to Purchase A/c               5000

2. Bank A/c                  Dr.  4000

            To Insurance Claim A/c   4000

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