Question

Goods of rs. 600 destroyed in rain

Answer 1

Answer:

ohhhh........no

Explanation:

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Answer 2

This depends on the exact asset/s that were destroyed in the rain 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 rain. 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

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