Question

Goods destroyed by fire costing Rs4000 but claim admitted by insurance company for Rs 1000

Answer 1

Answer:

because the rest goods were not in claim

Answer 2

Answer:

loss fire A/C dr 4000

To purchase A/C. 4000

(being goods destroyed by fire)

Bank A/C. dr. 1000

To insurance A/C. 1000

(being insurance provided by insurance company)