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