Question

Goods destroyed by fire worth rs 6000 and insurance company admitted the claim of rs 3500
Pls help me with this journal book of entry

Answer 1

Hey here's your answer.

Loss of Stock by fire A|c ....dr 6,000

To purchases A|c 6,000

Insurance company A|c....dr 3,500

Loss of Stock By Fire A|c...dr 2,500

To Purchases A|c 6,000

I hope this helped you.

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Answer 2

Answer:

Insurance company a/c...dr 3500

Loss by fire a/c...dr 2500

To Purchase a/c 6000

this is the right entry and in book it is the wrong entry.