Question

1. Goods worth Rupees 40000 lost by fire. Insurance claim lodged with the insurance company. Pass J/E if:
a) Claim accepted and paid in full
b) Claim accepted and paid partially Rs 25000
2. a) Received Rs 15000 as an advance amount of sale of Rs 50000
b) Received the balance amount of sale
c) Seller returns the advance amount received at the time of cancellation of sale or sale returns.
3. Sold private car for Rs. 4000, and bought a new one for business with the proceeds plus Rs 5000 from office cash.
4. Purchased furniture worth Rs 4000, of which those worth Rs 1000 are for office use and the balance for stock.​

Answer 1

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