Question

good destroyed by fire 25, 000 and Insurance claim admitted 60%​

Answer 1

Answer:

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Explanation:

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Answer 2

Answer:

Journal entry :

 

For goods lost

     Loss by fire a/c                          Dr            10000

     Bank a/c (Insurance claim)        Dr            15000

              to Purchases a/c                                                          25000

*Assuming insurance claim is settled through bank a/c or else debit insurance       company a/c in place of bank a/c.