Question

Goods destroyed by fire * 8.000 (Purchased originally at 6% CGST and 6% SGST).​

Answer 1

Explanation:

This depends on the exact asset/s that were destroyed in the fire and to what extent they were covered. Let's take three examples.

1) Let's say a storeroom and its contents, valued at $60,000, were destroyed by fire. The insurer pays your business $60,000.

In this case the entry would be:

Dr Insurer (debtor) $60,000

Cr Storeroom (asset) $60,000

And later when the insurer makes the payment:

Dr Bank $60,000

Cr Insurer (debtor) $60,000

MATE I THINK IT IS HELPFUL TO U MARK ME BRAINLIEST