Question

21. Journalise the following transactions in the books of Ram Gopal :
2016
Feb. 1
Goods destroyed by fire 16,000. Goods were uninsured.
Feb. 4 Goods destroyed by rain 90,000. Insurance company admitted the full claim.
Feb. 8
Goods destroyed in transit = 25,000. Transport company admitted the claim = 19,000.
Feb. 12 Goods destroyed by flood 38,000. Full claim received from the Government by
cheque.
Feb. 18 Cash stolen from the cash box = 45,000. With the help of police, * 27,000 could be
recovered the same day.
Feb. 25 Goods destroyed by accident 7 91,000. Insurance company paid the claim = 71,000
Hint: On Feb. 18, the entry will be passed with the net amount of loss.​

Answer 1

2016

Feb 1. Loss by fire A/c Dr. 16000

To goods destroyed by fire A/c. 16000

(being uninsured goods destroyed by fire)

Feb 4. Insurance company A/c Dr. 90000

To goods destroyed by rain A/c. 90000 (. being goods destroyed by rain and insurance

company admitting full claim)

Feb 8. Loss by transit A/c Dr. 6000

Transport company A/c Dr. 19000

To goods destroyed by transit A/c. 25000

-(being goods destroyed in transit and the transport Co. Company admitted the claim partly)

.......

Rest of the transactions are similar.