Question

Goods destroyed by fire costing Rs. 8000 but insurance company did not admitted any claim

Answer 1

Answer:

jag

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Answer 2

When goods lost are not insured - If the destroyed goods are not insured, then there is no need of passing any journal entry. This is because in joint venture, we debit all the good purchased by the joint venture. The total good purchased includes the goods that destroyed by fire.

When goods lost are insured - In this case, joint venture can file a claim with insurance company, we may or may not receive the claim, the amount of claim received will be shown in the credit side of joint venture a/c

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