Question

Goods destroyed in transit ₹30,000 Insurance Company admitted the full claim.pass the journal entry.​

Answer 1

Answer:

Following is the journal entry

Explanation:

Loss by transit A/C ..Dr.

Insurance claim receivable A/C...Dr.

To good destroyed by transit A/C

Answer 2

Answer:

Loss of goods A/c...... Dr. 30000

To insurance company A/c. 30000