Question

Dear Experts

please clear my doubt

goods damaged by fire 1000 and insurance company accepted the claim of 800 what is the journal entry passed here.

Answer 1

loss by fire a/c. 1000
to purchases a/c 1000

bank 800
to insurance company 800

P/L a/c 200
insurance company 800
to loss by fire a/c

Answer 2

journal entry 

loss by fire A/c Dr     1000
     To purchases A/c               1000
(being goods lost by fire )

BAnk A/c Dr               800         
    To insurance claim A/c         800
(being money received from insurance claim )

Profit loss a/c    Dr                   200 
insurance company A/c  Dr      800
          To loss by fire A/c                            1000
(being remaining amount transferred to P&L A/c)

Hope its useful ..!!!!